Gold Reserve Stock Price, News & Analysis

Gold Reserve (OTCQX: GDRZF) announces that the U.S. District Court for the District of Delaware has adopted the Special Master's recommendation to select Red Tree's bid as the stalking horse bid for purchasing PDVH shares, Citgo Petroleum's indirect holding company.

The Court expects the Final Bid to exceed the $7.081 billion price proposed by Gold Reserve and its consortium partners, with a higher likelihood of closing. The Court has set key deadlines, including the Special Master's submission of a proposed order by April 24, 2025, establishing the Topping Period dates and discovery deadlines. Final briefings must conclude by July 3, 2025, with a joint status report due July 10, 2025, preceding the Sale Hearing scheduled for July 22-24, 2025.

Gold Reserve (GDRZF) announced that the U.S. District Court for the District of Delaware has indicated its inclination to overrule objections to the Special Master's recommendation regarding Red Tree's bid as the stalking horse bid for PDVH shares, Citgo Petroleum's indirect holding company.

The Court emphasized this is not a final Order and remains subject to further consideration, including during and after the oral argument scheduled for April 17, 2025. The Court has prepared specific questions for all participants to address during the oral argument.

The complete details of the Delaware sale proceedings can be accessed through the Public Access to Court Electronic Records system in the case of Crystallex International v. Bolivarian Republic of Venezuela.

Gold Reserve (GDRZF) has announced the completion of pre-hearing documents for the April 17, 2025 hearing regarding objections to the Special Master's recommendation of Red Tree Investments' bid. The hearing will take place at the U.S. District Court for the District of Delaware.

The documents relate to the CITGO sale process and can be accessed at the company's website. The case is part of the proceedings in Crystallex International v. Bolivarian Republic of Venezuela.

The company cautions that the sale process faces various uncertainties, including: Special Master's discretion in bid consideration, potential rejection of bids, financing requirements, necessary regulatory approvals (including OFAC clearance), and competing claims from other Venezuela creditors.

Gold Reserve (OTCQX: GDRZF) announced that the U.S. District Court for the District of Delaware has scheduled a hearing on April 17, 2025, in Wilmington regarding objections to the Special Master's recommendation. The recommendation concerns selecting Red Tree Investments, a subsidiary of Contrarian Capital Management, , as the stalking horse bidder for purchasing PDV Holding, Inc. (PDVH) shares, which is CITGO Petroleum Corp's indirect parent company.

Gold Reserve, along with its consortium members and other parties, filed their objections on March 31, 2025, followed by responses from the Special Master on April 3, and replies supporting the objections on April 4, 2025. The Court has identified specific issues regarding the Special Master's recommendation and scheduled pre-hearing briefing.

Gold Reserve (OTCQX: GDRZF) has initiated two new legal actions in the Lisbon District Court to enforce its arbitral award against Venezuela. The company aims to execute against multiple bank accounts in Lisbon where it has previously obtained attachment orders. The total amount owed under the Award, including interest, exceeds $1.1 billion, while the attached accounts contain more than $1.4 billion.

The Lisbon Court of Appeal has recently granted the company's application to have the Award recognized in Portugal. However, recovery remains uncertain due to several factors, including required additional court orders and undefined priority of attachments. Gold Reserve is also pursuing enforcement efforts in the United States, participating in sales procedures for PDV Holdings Inc. shares in Delaware District Court. Any recovery in either jurisdiction would offset the amount recoverable in the other.

Gold Reserve (OTCQX: GDRZF) has announced multiple objections filed in the U.S. District Court for Delaware regarding the Special Master's recommendation to select Contrarian's $3.699 billion bid over Dalinar Energy's $7.1 billion bid.

The objections were filed by several parties including Gold Reserve, Rusoro Mining, Koch Minerals Sarl, Siemens Energy, and CITGO Petroleum Corp. The disputes center on the significant value gap between the two bids, with objectors arguing for maximizing value for Delaware Court claimants rather than unresolved claims of 2020 bondholders in New York.

Key dates include responses due on April 3, 2025, and replies due on April 4, 2025. CITGO and PDV Holding have additionally filed a motion to stay proceedings pending a ruling from the Southern District of New York regarding PDVSA 2020 Bonds validity.

Gold Reserve (GDRZF) announces that its US subsidiary Dalinar Energy's $7.1 billion bid for PDV Holding (CITGO's parent company) was not selected as the 'Stalking Horse' bid in the Delaware Court-supervised sale process. Instead, the Special Master recommended Red Tree Investments' lower bid of $3.699 billion.

Dalinar Energy's bid included $3.9 billion for senior creditors and $3.2 billion in equity capital from Koch, Rusoro Mining, and Gold Reserve. The proposal featured fully committed financing from JPMorgan Chase and TD Bank, offering up to $6.5 billion in debt financing.

The company has expressed concerns about the recommendation, noting their bid is 91% higher than the selected offer. Gold Reserve has filed an emergency request regarding non-public documents critical to Contrarian's bid, with a potential hearing scheduled for March 27, 2025.

Gold Reserve (GDRZF) has announced that its Delaware subsidiary, Dalinar Energy , submitted a bid on March 7, 2025, to become the Stalking Horse Bidder for the purchase of PDV Holding, Inc. shares, the indirect parent company of CITGO Petroleum Corp.

The bid is supported by a consortium including senior judgment creditors Koch Minerals Sarl and Koch Nitrogen International Sarl. The proposal combines equity and debt financing, aiming to satisfy all senior waterfall creditors' judgments in cash or non-cash consideration, plus a substantial portion of Gold Reserve's attached judgment.

The Special Master will review all bids and recommend a Stalking Horse Bid by March 14, 2025, with the Court scheduled to rule on objections by March 28, 2025. The bid's consummation, if selected and approved, requires various regulatory approvals, including from the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC).

Gold Reserve (OTCQX: GDRZF) has announced that its subsidiary, GR Mining (Barbados) Inc., has filed for international arbitration against Venezuela with the World Bank's International Centre for Settlement of Investment Disputes. The arbitration stems from Venezuela's alleged unlawful actions that stripped GR Mining of its rights to the Siembra Minera mining project.

The company estimates damages exceeding USD $7 billion, though the final amount will be determined during arbitration proceedings. The dispute centers on Venezuela's measures that materially damaged GR Mining's investment in the multi-billion-dollar mining project.