Gold Reserve Ltd. reports developments as a Bermuda public mineral exploration and development company with listings on the TSX Venture Exchange, Bermuda Stock Exchange and OTCQX under GDRZF. Its recurring updates center on Venezuelan mining interests, including efforts connected to the Siembra Minera project, an Alaskan property, and changes in mining-law and sanctions frameworks affecting potential gold and strategic-minerals activity.
Company news also covers capital-structure actions such as private placements, contingent value rights and bonus-plan settlements, proposed shareholder matters, and legal proceedings tied to Venezuelan assets. These updates frame Gold Reserve’s mineral-asset strategy, regulatory environment, and public-company financing activity.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) provided an update on the sale process for PDVH shares, the indirect parent of CITGO Petroleum Corp. The Special Master has selected Amber Energy Inc., an affiliate of Elliott Investment Management L.P., as the Successful Bidder. The proposed purchase price is equivalent to a total CITGO enterprise value of up to US$7.286 billion, subject to adjustments.
Key points:
- Cash consideration will be placed in escrow accounts
- Release of escrowed proceeds subject to resolution of Ascertained Alter Ego Claims and CITGO Holding Pledge
- Buyer may terminate if the court denies the Alter Ego Motion
- 45-day Topping Period to consider alternative proposals after Final Recommendation
Gold Reserve's Executive Vice Chair, Paul Rivett, stated it's unclear what, if any, monies the company would receive under the proposed agreement, with significant risk of no recovery.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) provided an update on the sales and bidding process for PDVH shares, the indirect parent of CITGO Petroleum Corp. Key points include:
1. Venezuela and PDVSA filed a motion for a four-month stay of the Sale Process, potentially extending the deadline to January 2025.
2. The Special Master is engaged in negotiations with an unidentified bidder since July 31, 2024.
3. Gold Reserve is not the bidder in these negotiations and is no longer part of the bidding process.
4. The company expressed concern over the numerous extensions and lack of transparency in the process.
5. A hearing on the stay motion is scheduled for October 1, 2024.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) announced that shareholders approved a special resolution for the company's proposed continuance from Alberta to Bermuda at a special meeting on September 16, 2024. The resolution was approved by 96.34% of votes cast. The continuance will be effected through a plan of arrangement under Alberta's Business Corporations Act. Gold Reserve is scheduled to seek a final order from the Court of King's Bench of Alberta on September 17, 2024, to implement the arrangement. The completion of the arrangement is subject to obtaining the final order and other required approvals. The company will provide further updates when the continuance is completed.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) has announced an important update regarding its upcoming special meeting of shareholders scheduled for September 16, 2024. The company has identified an error in the form of proxy provided to registered shareholders and the Voting Instruction Forms (VIFs) given to non-registered shareholders. As a result, all proxies and VIFs marked to "withhold" from voting on the Arrangement Resolution will now be deemed as votes "against" the proposal. This amendment is in accordance with the interim order of the Alberta Court of King's Bench granted on August 20, 2024. Votes in favor of the proposal remain unchanged. The press release has been approved by Paul Rivett, Executive Vice-Chairman of the Board of Directors.
Gold Reserve has successfully closed a private placement, raising US$36 million through the issuance of 8,780,488 Class A common shares at US$4.10 per share. The sole agent for the offering was Cantor Fitzgerald Canada (CFCC), receiving a commission of approximately US$1.05 million. With the completion of this offering, the total number of outstanding common shares stands at 112,799,914. The net proceeds will primarily support Gold Reserve's credit bid for PDV Holdings, Inc., the indirect parent company of Citgo Petroleum Corp., as well as for general corporate purposes.
Gold Reserve announced that Cantor Fitzgerald Canada has successfully closed the book on its private placement of Class A common shares, including the over-allotment option. The Company expects to raise gross proceeds of up to US$36 million at a price of US$4.10 per share. The Share Offering is set to be completed through a formal agency agreement, with the closing anticipated around July 3, 2024, pending regulatory approvals. The securities involved are not registered under U.S. laws and are not for sale within the United States. This update follows the initial announcement on June 25, 2024.
Gold Reserve announces a brokered private placement of up to US$30 million via Cantor Fitzgerald Canada The offering price is US$4.10 per share, with proceeds aimed at covering expenditures for the company's credit bid for PDV Holdings' common shares and for general corporate purposes. The closing is expected around July 3, 2024, contingent on formal documentation and regulatory approvals, including TSX Venture Exchange approval. An over-allotment option could raise total proceeds to US$36 million. The shares will be offered under specific exemptions in Canada and the U.S., and will come with a commission of 6% on gross proceeds for the agent.
Gold Reserve has submitted a credit bid for the common shares of PDV Holdings, the parent company of CITGO Petroleum Corp. This bid is part of a sales process managed by a Special Master appointed by the U.S. District Court for Delaware. The terms of the bid are confidential, and further actions will follow the bidding procedures. Gold Reserve has partnered with FJ Management, which may participate in ownership and operational oversight if the bid succeeds. Both companies' executives expressed optimism about the partnership and future opportunities.
Gold Reserve has successfully completed a private placement, raising US$15 million through the sale of 4,285,715 Class A common shares at US$3.50 each. Managed by Cantor Fitzgerald Canada Corp., this placement increases the total outstanding common shares to 103,954,426. The proceeds will support the company's potential bid in the sale of PDV Holdings, the parent of CITGO Petroleum Corp, as part of a court-supervised sale process. A cash commission of US$400,000 was paid to Cantor Fitzgerald Canada. If the bid doesn't materialize or succeed, the funds will be redirected to working capital and general corporate purposes. The shares sold outside Canada, adhering to regulatory requirements, are free from resale restrictions under Canadian law. The offering is pending final TSXV acceptance.
Gold Reserve (TSX.V: GRZ, OTCQX: GDRZF) has engaged advisors to explore potential debt and equity financing for a previously announced bid related to the sale of PDV Holdings' shares. This bid, part of a broader transaction, aims to acquire shares of PDV Holdings, the indirect parent company of CITGO Petroleum. The sale and bidding procedures are managed by the U.S. District Court for the District of Delaware. There is no guarantee that the financing or the bid will materialize. The company stresses that any securities offering will not be registered under the U.S. Securities Act of 1933 and cannot be sold in the U.S. without proper registration or exemptions.