Welcome to our dedicated page for Gold Reserve news (Ticker: GDRZF), a resource for investors and traders seeking the latest updates and insights on Gold Reserve stock.
Gold Reserve Ltd. (OTCQX: GDRZF) is a Bermuda-based, majority US-owned company associated with the gold ore mining industry and a long history of developing large gold and copper deposits in Venezuela. The Gold Reserve news feed on Stock Titan aggregates the Company’s public announcements, giving investors and observers a single place to review its latest legal, arbitration, tax, and corporate updates.
Recent Gold Reserve news has focused heavily on court proceedings in the United States related to the proposed judicial sale of PDV Holding, Inc. (PDVH) shares in Delaware. The Company has reported on its fully financed bid for the PDVH shares, its objections to the court’s approval of a lower-priced bid by Elliott/Amber Energy, and its subsequent notices of appeal, motions for stays, and other appellate steps in the U.S. Court of Appeals for the Third Circuit.
In addition to the PDVH sale process, Gold Reserve news items cover international arbitration outcomes, such as the favorable Final Award obtained by its affiliate against Banco De Desarrollo Economico Y Social De Venezuela (BANDES), and the Company’s plans to seek recovery of those awarded amounts through foreign courts. The feed also includes regulatory and tax developments, including the completion of a Canada Revenue Agency audit without net adjustments to its Canadian tax filings for the years under review.
Corporate governance and capital markets developments, such as stock option grants under the Company’s 2012 Equity Incentive Plan and commentary on the political and human rights situation in Venezuela, also appear in Gold Reserve’s releases. By following this page, readers can review the Company’s own descriptions of its evolving legal strategies, enforcement efforts, and corporate actions as they are publicly disclosed.
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.