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Gold Reserve (OTCQX: GDRZF) has issued an important clarification regarding Amber Energy's bid, addressing misconceptions in recent media reports and analyst coverage. The company emphasizes that Amber Energy's proposal does not include $500 million in cash as incorrectly reported, but rather offers only a 15% recovery on a $500 million claim, subject to Court approval.
The clarification comes amid the ongoing Delaware sale proceedings related to Crystallex International Corporation v. Bolivarian Republic of Venezuela. The company stresses the importance of accurate information dissemination to stakeholders and directs interested parties to access complete details through the Public Access to Court Electronic Records system.
Gold Reserve Ltd. (OTCQX: GDRZF) has filed a further reply to objections regarding the Special Master's July 2, 2025 Final Recommendation of the Dalinar Energy Bid in the CITGO sale process. The filing, submitted to the U.S. District Court for the District of Delaware, argues against the merit of these objections.
The case is part of ongoing proceedings in Crystallex International Corporation v. Bolivarian Republic of Venezuela. The company faces several uncertainties in the bid process, including regulatory approvals from OFAC, the U.S. Committee on Foreign Investment, and the Federal Trade Commission, as well as potential competing claims from other Venezuela creditors.
Gold Reserve Ltd. (OTCQX: GDRZF) has made three significant filings in the CITGO Sale Process in the U.S. District Court for Delaware. The company filed a Notice of Competing Objection confirming its status as a Competing Objector, presenting an Improved Bid that is $2 billion higher than the Amber Energy bid.
Additionally, Gold Reserve joined the Venezuela Parties' request for unredacted transcripts of the Special Master's ex parte conferences and filed a letter requesting a stay on the decision regarding Dalinar Energy's bid termination until the Court rules on Gold Reserve's Motion to Strike the Amber Energy bid.
Gold Reserve Ltd. (OTCQX: GDRZF) announced that the U.S. Government has filed a Statement of Interest in the New York federal court litigation concerning the validity of the 2020 PDVSA bonds. The U.S. Government has affirmed its recognition of the 2015 National Assembly of Venezuela as the legitimate government of Venezuela, stating it should be given "respectful consideration" by the New York court regarding the bonds' validity.
The key issue centers on whether the 2020 PDVSA bonds, issued by the Maduro regime in October 2016, are invalid under Venezuelan law. The 2015 National Assembly has issued multiple resolutions supporting the bonds' invalidity. The U.S. Government's statement takes no position on the legal issues in the parties' pending cross-motions for summary judgment.
Gold Reserve Ltd. (OTCQX: GDRZF) announced that its subsidiary, Dalinar Energy Corporation, was not selected as the recommended bidder for CITGO's parent company (PDVH) shares in a Delaware court-supervised sale process. Amber Energy Inc. was recommended with a bid of $5.9 billion, approximately $2 billion less than Dalinar's revised offer.
Dalinar Energy had submitted an improved bid valued at $11.2 billion, including a $7.9 billion net purchase price, $400 million in potential increases through cash and securities, and support for addressing $2.9 billion in bondholder claims. The company plans to object to the recommendation, with objections due September 6, 2025, and a Sale Hearing scheduled for September 15, 2025.
Gold Reserve Ltd. (OTCQX: GDRZF) has submitted an enhanced proposal to acquire PDV Holding Inc. (PDVH), the indirect parent company of Citgo Petroleum, as part of the ongoing sale process in the U.S. District Court for the District of Delaware. The company has materially increased its purchase price and secured additional financial backing, while also improving non-economic aspects of the bid.
The Special Master is required to evaluate Gold Reserve's improved proposal and file an amended Final Recommendation by August 29, 2025. The company submitted its proposal under a reservation of rights regarding its objection to the Special Master's Notice of Determination of Superior Proposal, which is currently being contested through a pending Motion to Strike.
["Company secured additional financial support for the bid", "Materially increased purchase price in improved proposal", "Enhanced bid certainty through non-economic improvements"]Gold Reserve (OTCQX: GDRZF) announced three significant updates in the CITGO sale process. The Federal Trade Commission granted early termination of the HSR waiting period for Gold Reserve's proposed acquisition of PDVH Shares through Dalinar Energy Corporation, indicating no antitrust concerns.
The company filed a Motion to Strike the Special Master's Notice of Superior Proposal, challenging Amber Energy's $5.859 billion bid versus Dalinar Energy's $7.382 billion offer. Gold Reserve argues this determination could shortchange Attached Judgment Creditors by $1.5 billion and violates court-ordered bidder protections.
Additionally, the Court granted partial unsealing of Special Master's conference transcripts from August 11 and 13, 2025, with Gold Reserve retaining the right to object to redactions.
Gold Reserve Ltd. (OTCQX: GDRZF) announced an update regarding the CITGO sale process in the U.S. District Court for the District of Delaware. The Special Master has determined that an Unsolicited Competing Proposal from Amber Energy Inc. submitted on August 22, 2025, constitutes a "Superior Proposal" compared to Gold Reserve's previous agreement from June 25, 2025.
The Court has set an August 27, 2025 deadline for Gold Reserve to file objections, with arguments to be heard at the rescheduled Sale Hearing on September 15, 2025. The company notes that Amber Energy's additional consideration is "de minimis" compared to Gold Reserve's total Attached Judgment value. Under the current schedule, Dalinar has until August 28, 2025, to submit revisions to their original agreement.
Gold Reserve Ltd. (OTCQX: GDRZF) has announced the engagement of Cantor Fitzgerald & Co. as its strategic financial advisor for the company's bid to acquire shares of PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp. The bid is part of ongoing Delaware sale proceedings detailed in the Crystallex International Corporation v. Bolivarian Republic of Venezuela case.
The company has highlighted several risk factors associated with the bid, including regulatory approval requirements from OFAC, the U.S. Committee on Foreign Investment, and the Federal Trade Commission. The transaction faces uncertainties regarding court approval, financing requirements, and potential competing claims from other Venezuelan creditors.
Gold Reserve Ltd. (OTCQX: GDRZF) provided an update on the U.S. District Court of Delaware's hearing regarding the Sale Process of PDVH shares. The Court has rescheduled the Sale Hearing to September 15, 2025, with a potential second hearing on October 21, 2025.
Key deadlines include: The Special Master must inform the Company about any alternative bid recommendations by August 25, Gold Reserve can match competing bids by August 28, and the Special Master's Final Recommendation is due by August 29, 2025. The Company retains the right to object to the Special Master's actions, with arguments to be heard at the September hearing.
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