Gold Reserve Stock Price, News & Analysis

Gold Reserve Inc. (OTCQX:GDRZF) announced it received a conditional writ of attachment from the U.S. District Court of Delaware for shares of PDV Holding, Inc., linked to CITGO Petroleum Corp. This follows a January 2023 ruling that acknowledges Gold Reserve's claims alongside other creditors of Venezuela. The conditional writ will be effective only if authorized by the U.S. Office of Foreign Assets Control (OFAC). The company's claim involves a $990 million arbitral award. PDVSA, the parent company, plans to oppose the inclusion of additional judgments in the sales process, potentially delaying resolution for 6 to 18 months.

Gold Reserve announced the election of several directors and the appointment of PricewaterhouseCoopers as auditors during its annual meeting. The newly elected board includes James H. Coleman and others, all serving until the next annual meeting. Additionally, director James Tunkey received stock options for 145,000 shares at $1.08 each, valid for 10 years. The company warns that forward-looking statements in the release are subject to risks, particularly related to operations in Venezuela and potential sanctions, which could materially impact outcomes.

Gold Reserve Inc. (OTCQX: GDRZF) announced the appointment of James Tunkey as a director, expanding the board to eight members. This change comes after A. Douglas Belanger announced he would not seek re-election at the upcoming shareholders' meeting on November 17, 2022. The board intends to include Mr. Tunkey as an additional nominee through a motion at the meeting. Investors can view the detailed management circular filed on SEDAR.

Gold Reserve Inc. (TSX.V: GRZ, OTCQX: GDRZF) has granted 165,000 stock options to employees, including 100,000 to CFO Dave Onzay. These options are exercisable at $0.99 and have a 10-year term, issued under the 2012 Equity Incentive Plan.

This action signifies the company's commitment to rewarding its employees while potentially aligning their interests with those of the shareholders, as stock options can motivate performance and enhance shareholder value.

Gold Reserve Inc. (OTCQX: GDRZF) announced that President A. Douglas Belanger will retire at the end of 2022 after over 34 years with the company, citing health and family priorities. Belanger will not seek re-election at the upcoming Annual Shareholders Meeting but will serve as a consultant post-retirement. Both Executive Chairman James H. Coleman and CEO Rockne J. Timm praised Belanger's significant contributions during challenging times. The release also contains cautionary forward-looking statements about risks, particularly related to operations in Venezuela.

Gold Reserve Inc. reported that the Ministry of Mines of Venezuela has issued a Resolution claiming to revoke the mining rights of Siembra Minera SA, a joint venture in which Gold Reserve holds a 45% stake. This action cites alleged non-compliance with mining regulations. Gold Reserve asserts that any non-compliance is the result of inaction by the Venezuelan government, which holds the majority stake. The company is exploring legal options to address the situation.

Gold Reserve Inc. (TSX.V: GRZ, OTCQX: GDRZF) announced the retirement of CFO Robert A. McGuinness effective December 31, 2021, after 28 years with the Company. Rockne J. Timm, CEO, expressed appreciation for McGuinness’s service. David P. Onzay, the current Corporate Controller, will be promoted to CFO starting January 1, 2022. The transition aims for continuity, leveraging Onzay’s 28 years of experience with Gold Reserve. The Company faces risks relating to Venezuela, including economic uncertainties and potential government actions impacting operations.

Gold Reserve Inc. (TSX.V: GRZ, OTCQX: GDRZF) held its annual general meeting where several board members were elected, and auditors were appointed. The board includes James H. Coleman, Rockne J. Timm, and others. The financial statements for the year ending December 31, 2020, were received. The company expressed caution regarding forward-looking statements, emphasizing risks like U.S. and Canadian sanctions against Venezuela, potential collection issues related to the Settlement Agreement, and uncertainties surrounding future Venezuelan administrations.

Gold Reserve Inc. (OTCQX:GDRZF) announced the issuance of 2,983,750 stock options to its officers, directors, and consultants. These options are exercisable at US$1.60 with a 10-year term, granted under the 2012 Equity Incentive Plan. Previously announced on May 19, 2021, this issuance has received approval from the TSXV. The company alerts investors about inherent risks in its operations, particularly due to sanctions on Venezuela, and uncertainties surrounding the future compliance of Venezuelan authorities with existing agreements.