Gold Reserve (GDRZF) Stock News

Gold Reserve Ltd. announces updated scheduling details for the CITGO sale hearing in the U.S. District Court of Delaware. The Court has adopted a revised timeline following the Topping Period's expiration on June 18, 2025, with the Sale Hearing now set to begin on August 18, 2025. Key deadlines include the Special Master's Final Recommendation due July 2, opening expert reports on July 7, and objection filings due July 9. The schedule outlines various discovery and documentation requirements, with the discovery period concluding July 31. The process involves multiple stages of responses, replies, and sur-replies to objections, culminating in the Sale Hearing. This schedule is part of ongoing proceedings related to Crystallex International Corporation v. Bolivarian Republic of Venezuela.

Gold Reserve Ltd. (OTCQX: GDRZF) announced that the U.S. District Court in Delaware has rescheduled the CITGO Sale Hearing from July 22, 2025 to August 18, 2025. The Court maintained the existing June 18, 2025 deadline for topping bids and June 27, 2025 deadline for Final Recommendation by the Special Master. The Sale Hearing will consider bids for purchasing shares of PDV Holding, Inc. (PDVH), CITGO Petroleum Corp.'s indirect parent company. Gold Reserve's subsidiary, Dalinar Energy Corporation, submitted a topping bid on June 3, 2025. The company notes several risks including potential regulatory approvals from OFAC, U.S. Committee on Foreign Investment, and FTC, as well as uncertainties regarding competing creditor claims and possible settlements with Venezuela.

Gold Reserve Ltd. (GDRZF) provided an update on the CITGO sale process, responding to Venezuela Parties' request to extend the Sale Hearing date. While Venezuela sought a six-week extension to September 2, 2025, Gold Reserve countered with a three-week extension proposal to August 11, 2025, supported by Koch Minerals Sarl and Koch Nitrogen International Sarl. The company's Delaware subsidiary, Dalinar Energy, submitted a topping bid on June 3, 2025, with the final bid deadline set for June 18, 2025. The Special Master will make the Final Recommendation by June 27, 2025. The Sale Hearing at the U.S. District Court for Delaware will evaluate the Final Recommended Bid for PDV Holding shares, CITGO Petroleum Corp's indirect parent company.

Gold Reserve Ltd. (GDRZF) announces that its Delaware subsidiary, Dalinar Energy Corporation, has submitted a topping bid to acquire PDV Holding, Inc. (PDVH), CITGO Petroleum Corp.'s indirect parent company. The bid, submitted through a U.S. District Court-supervised sale process in Delaware, is backed by a consortium including senior judgment creditors Rusoro Mining, Koch Minerals Sarl, and Koch Nitrogen International Sarl. The bid combines equity and debt financing, with full commitment from three leading financial institutions. If approved and completed, the bid would satisfy all senior waterfall creditors' judgments and a substantial portion of Gold Reserve's judgment. The final bid recommendation is due by June 27, 2025, with a court hearing scheduled for July 22, 2025. The transaction remains subject to closing conditions and regulatory approvals, including OFAC clearance.

The U.S. District Court for the District of Delaware has extended the Topping Period for submitting bids to purchase PDVH shares (Citgo Petroleum's indirect holding company) to June 18, 2025. The extension was granted following a motion by Venezuela Parties and supported by various stakeholders including Vitol, Rusoro Mining, Gold Reserve, and the Court-appointed Special Master. The Court established key deadlines: Special Master's Final Recommendation due June 27, objections by July 3, responses to objections by July 11, replies by July 16, Joint Status Report by July 16, discovery period conclusion by July 18, and Sale Hearing commencement on July 22, 2025. The Special Master must coordinate with parties regarding discovery schedules related to objections to the Final Recommendation.

The U.S. District Court for the District of Delaware has extended the Topping Period for submitting bids to purchase shares of PDVH, Citgo Petroleum's indirect holding company, from May 28, 2025, to at least June 2, 2025. This extension came in response to a motion by the Venezuela Parties (Citgo Petroleum, PDVH, PDVSA, and Venezuela), which was supported by Vitol, Inc., Rusoro Mining Ltd., and Gold Reserve Ltd. The Court will determine whether to further extend the Topping Period beyond June 2 after reviewing additional briefing from the Special Master and other parties due May 27-28, 2025.

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.