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Gold Reserve Inc. (GDRZF) provides investors and industry observers with comprehensive coverage of corporate developments in the mining sector. This resource aggregates official announcements, operational updates, and strategic initiatives from the company and its international subsidiaries.
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Gold Reserve Ltd. (OTCQX: GDRZF) announced that the Special Master has filed a notice regarding an unsolicited, competing proposal to purchase shares of PDV Holding, Inc. (PDVH), CITGO Petroleum Corp's indirect parent company. The Special Master has been authorized to engage with Bidder B and reactivate their access to the virtual data room since July 1, 2025.
While Bidder B is reportedly in active discussions with various required parties, the Special Master has not yet received documentation of any agreements. As such, the bid has not been deemed a Superior Proposal under the SPA terms. The complete details of the Delaware sale proceedings can be accessed through the Public Access to Court Electronic Records system.
Gold Reserve Ltd. (OTCQX: GDRZF) provided an update on the ongoing CITGO sale process in the U.S. District Court for the District of Delaware. The company's U.S. acquisition subsidiary, Dalinar Energy Corporation, has been recommended by the Special Master as the preferred buyer for PDV Holding, Inc. (PDVH), CITGO Petroleum Corp's indirect parent company.
Multiple parties have filed responses to objections regarding the Special Master's Final Recommendation, including Gold Reserve, Rusoro Mining, Koch Minerals, Siemens Energy, Crystallex International, ConocoPhillips, and others. Further briefings are scheduled for August 13 and August 16, 2025, leading up to the Sale Hearing on August 18, 2025.
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) has announced a secondary listing of its common shares on the Bermuda Stock Exchange (BSX). The listing comprises 122,714,914 Common Shares and will commence trading on August 4, 2025 under the ticker BSX: GRZ.BH.
The company maintains its primary listing on the TSX Venture Exchange and continues to trade over the counter on OTCQX. Company Vice-Chair Paul Rivett expressed pride in joining the BSX, highlighting the exchange's global reputation and the company's integration into the Bermuda business community.
Gold Reserve (OTCQX: GDRZF) has successfully completed a private placement offering, raising US$30 million through the sale of 9,677,500 common shares at US$3.10 per share, including the full exercise of the over-allotment option. Cantor Fitzgerald Canada Corporation served as the sole agent, receiving a US$1.2 million commission.
The proceeds will primarily fund the company's credit bid for PDV Holdings, Inc., the indirect parent of CITGO Petroleum Corp. Two company insiders participated significantly, acquiring 3,774,000 shares for US$11.7 million. Following the offering, Gold Reserve's total outstanding common shares increased to 122,714,914.
Gold Reserve Ltd. (OTCQX: GDRZF) provided an update on the CITGO sale process in the U.S. District Court for the District of Delaware. The company's U.S. acquisition subsidiary, Dalinar Energy Corporation, remains the only conforming bid for purchasing PDV Holding, Inc. (PDVH) shares, following Red Tree Investments LLC's withdrawal of its competing bid objection.
Several parties filed objection memoranda, including Crystallex International Corporation, ConocoPhillips companies, ACL1 companies, OI European Group B.V., Venezuela Parties, and 2020 bondholders. According to the Court's schedule, responses to objections are due by August 7, 2025, with further briefing before the August 18, 2025 Sale Hearing.
Gold Reserve (OTCQX: GDRZF) has announced a brokered private placement offering of Class A common shares to raise up to US$20.0 million at US$3.10 per share. The offering, led by Cantor Fitzgerald Canada Corporation, includes an over-allotment option that could increase total proceeds to US$30 million if fully exercised.
The proceeds will primarily fund the company's credit bid for PDV Holdings, Inc. shares, the indirect parent of CITGO Petroleum Corp., along with working capital needs. The offering is expected to close around July 31, 2025, subject to regulatory approvals. The Agent will receive a 6.0% commission on gross proceeds, with certain exceptions.
Gold Reserve (OTCQX: GDRZF) has secured a significant legal victory as Portugal's Supreme Court upheld the company's $1.1 billion international arbitration award against Venezuela. The court rejected Venezuela's sovereign immunity and public policy defenses, affirming the earlier Lisbon Court of Appeal's decision that confirmed the 2014 arbitration award.
Additionally, the company has been named as the Final Recommended Bidder for the sale of PDV Holdings shares, the indirect parent company of CITGO Petroleum Corp., in the U.S. District Court for Delaware. Any recovery from either the Portugal or Delaware proceedings may offset the amount recoverable in the other jurisdiction.
Gold Reserve (OTCQX: GDRZF) provided an update on the CITGO sale process, where its U.S. subsidiary Dalinar Energy Corporation was recommended by the Special Master to purchase PDV Holding (PDVH) shares, CITGO's indirect parent company.
Four parties filed notices of objection, including Red Tree Investments (former Stalking Horse Bidder), 2020 bondholders, PDVH/CITGO, and Crystallex International. ConocoPhillips filed a potential objection, while three other parties filed reservations of rights.
The Court schedule requires memoranda supporting objections by July 23, 2025, responses by August 6, 2025, with the Sale Hearing set for August 18, 2025. Limited discovery regarding objections will conclude on July 31, 2025.
Gold Reserve Ltd. (OTCQX: GDRZF) has announced a conference call scheduled for July 10, 2025, at 10:00 am EDT to discuss its subsidiary Dalinar Energy Corporation's US$7.382 billion bid to acquire PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp.
The company was recently named as the Final Recommended Bidder by the Special Master appointed by the U.S. District Court for the District of Delaware. The conference call will provide detailed information about the bid terms and include a Q&A session. A recording will be available on the company's website until July 25, 2025.
Gold Reserve (OTCQX: GDRZF) announced that its U.S. subsidiary, Dalinar Energy Corporation, has been selected as the Final Recommended Bidder to acquire PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp. The bid values the transaction at US$7.382 billion, significantly higher than the previous US$3.7 billion stalking horse bid.
Upon closing, Gold Reserve will own 44% of Dalinar's common equity (representing 85% of voting shares) and hold at least $150 million of $1.5 billion preferred equity securities. The bid is supported by a consortium including Rusoro Mining, Koch Minerals, Koch Nitrogen International, and Siemens Energy. Financing commitments have been secured from a consortium led by J.P. Morgan and TD Bank.
The Delaware Court will hold a Sale Hearing on August 18, 2025. The transaction remains subject to closing conditions and regulatory approvals, including OFAC approval.
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