Gold Reserve (GDRZF) Stock News

Gold Reserve Ltd. (OTCQX: GDRZF) has filed an emergency letter request with the U.S. District Court for the District of Delaware regarding OFAC's issuance of General License 5S. The request comes after OFAC extended the suspension of the 2020 Bondholders' rights under their CITGO Holding shares pledge for another six months until December 20, 2025.

The Company is seeking court order for OFAC to clarify whether it plans to continue suspending GL-5 beyond the expected Sale Transaction closing. Gold Reserve believes OFAC's position on GL-5 suspension is clear, given its five-year suspension history and extension past the August 18 Sale Hearing date. The company argues this clarification would help maximize the value of the PDVH shares sale transaction.

Gold Reserve Ltd. (GDRZF) announces that its Delaware subsidiary, Dalinar Energy Corporation, has submitted a revised topping bid to acquire PDV Holding, Inc. (PDVH), CITGO Petroleum Corp.'s indirect parent company. The bid, supported by a consortium including senior judgment creditors Rusoro Mining, Koch Minerals Sarl, and Koch Nitrogen International Sarl, combines equity and debt financing with 100% commitment from three leading financial institutions. If approved and executed, the bid would satisfy all senior waterfall creditors' judgments and a substantial portion of Gold Reserve's judgment. The Special Master will review all bids and make final recommendations to the Court by July 2, 2025, with a sale hearing scheduled for August 18, 2025. The deal's completion remains subject to various conditions, including U.S. Department of Treasury's OFAC approval.

Gold Reserve Ltd. (OTCQX: GDRZF) has announced an update regarding its international arbitration proceedings against the Venezuelan government. The International Centre for Settlement of Investment Disputes (ICSID) has confirmed on June 13, 2025, that the arbitration tribunal will consist of three arbitrators. The structure includes one arbitrator appointed by each party and a third arbitrator, who will serve as the Tribunal President, to be appointed by mutual agreement between the parties. The arbitration was initiated by GR Mining (Barbados) Inc., a subsidiary of Gold Reserve.

Gold Reserve Ltd. announced updates to the briefing and discovery schedule for the Citgo sale hearing in the U.S. District Court for Delaware. The Court issued an order on June 13, 2025, adopting a revised schedule proposed by the Special Master. Key dates remain unchanged, including the Topping Period expiration on June 18, 2025, and the Sale Hearing start on August 18, 2025. The schedule outlines critical deadlines, including the Special Master's Final Recommendation due July 2, opening expert reports and objection notices due July 7, document productions by July 18, and conclusion of the discovery period on July 31. The process involves multiple stages of expert reports, objections, responses, and witness disclosures, culminating in the Sale Hearing.

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.