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. reports developments as a Bermuda public mineral exploration and development company with listings on the TSX Venture Exchange, Bermuda Stock Exchange and OTCQX under GDRZF. Its recurring updates center on Venezuelan mining interests, including efforts connected to the Siembra Minera project, an Alaskan property, and changes in mining-law and sanctions frameworks affecting potential gold and strategic-minerals activity.
Company news also covers capital-structure actions such as private placements, contingent value rights and bonus-plan settlements, proposed shareholder matters, and legal proceedings tied to Venezuelan assets. These updates frame Gold Reserve’s mineral-asset strategy, regulatory environment, and public-company financing activity.
Gold Reserve has received a proposal letter from the Canada Revenue Agency (CRA) indicating potential tax reassessment for years 2014-2018. The reassessment relates to the 2014 arbitral award of US$740.3 million and US$240 million mining data sales proceeds. The maximum potential income inclusions include these amounts plus Cdn$50.1 million and Cdn$163.2 million in shareholder benefits for 2017 and 2018 respectively. The company has until January 31, 2025, to respond. If reassessed, Gold Reserve must pay 50% of assessed tax liability and interest, which could significantly impact its financial position and going concern status. Resolution could take 2-4 years.
Gold Reserve (TSX.V: GRZ) (OTCQX: GDRZF) has announced the appointment of Paul Rivett as the new Chief Executive Officer, effective immediately. Rivett will continue to serve as a Director and Executive Vice-Chairman of the board. Chairman Robert Cohen expressed confidence in Rivett's decades of management and entrepreneurial experience, stating it will enable him to implement dynamic strategies to enhance shareholder value.
The appointment follows the company's successful continuance into Bermuda. As part of his appointment, Rivett has been granted 1,000,000 stock options to purchase up to 1,000,000 common shares. The options will vest 50% on the date of grant and 50% six months later, with an exercise price of US$2.35 per share and a maximum term of five years.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) provides an update on the sale and bidding process for PDV Holdings, Inc. (PDVH), the indirect parent of CITGO Petroleum Corp. On October 1, 2024, the Delaware Court held a hearing on the Sale Process, where multiple parties objected to the bid for PDVH shares. The Special Master stated the bid was non-binding.
Key court orders issued on October 2, 2024 include:
- Cancellation of the November 19, 2024 Sale Hearing
- Requirement for a joint status report by October 18, 2024
- Further submissions on the Special Master's motion to enjoin alter ego claimants
- Denial of Venezuela and PDVSA's motion for a 4-month pause
Paul Rivett, Executive Vice Chair, welcomed the court's rulings and stated that Gold Reserve continues to consider all options regarding the Sale Process.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) has announced the completion of its continuance from Alberta to Bermuda on September 30, 2024. This process, approved by shareholders on September 16 and the Court of King's Bench of Alberta on September 17, 2024, includes a name change to Gold Reserve . The company's common shares have been assigned a new CUSIP number (G4R86G107) and ISIN (BMG4R86G1074). Trading under the new name and CUSIP on the TSX Venture Exchange is expected to begin around October 7, 2024. The continuance was executed through a plan of arrangement under Section 193 of the Business Corporations Act (Alberta).
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) provided an update on the sale process for PDVH shares, the indirect parent of CITGO Petroleum Corp. The Special Master has selected Amber Energy Inc., an affiliate of Elliott Investment Management L.P., as the Successful Bidder. The proposed purchase price is equivalent to a total CITGO enterprise value of up to US$7.286 billion, subject to adjustments.
Key points:
- Cash consideration will be placed in escrow accounts
- Release of escrowed proceeds subject to resolution of Ascertained Alter Ego Claims and CITGO Holding Pledge
- Buyer may terminate if the court denies the Alter Ego Motion
- 45-day Topping Period to consider alternative proposals after Final Recommendation
Gold Reserve's Executive Vice Chair, Paul Rivett, stated it's unclear what, if any, monies the company would receive under the proposed agreement, with significant risk of no recovery.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) provided an update on the sales and bidding process for PDVH shares, the indirect parent of CITGO Petroleum Corp. Key points include:
1. Venezuela and PDVSA filed a motion for a four-month stay of the Sale Process, potentially extending the deadline to January 2025.
2. The Special Master is engaged in negotiations with an unidentified bidder since July 31, 2024.
3. Gold Reserve is not the bidder in these negotiations and is no longer part of the bidding process.
4. The company expressed concern over the numerous extensions and lack of transparency in the process.
5. A hearing on the stay motion is scheduled for October 1, 2024.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) announced that shareholders approved a special resolution for the company's proposed continuance from Alberta to Bermuda at a special meeting on September 16, 2024. The resolution was approved by 96.34% of votes cast. The continuance will be effected through a plan of arrangement under Alberta's Business Corporations Act. Gold Reserve is scheduled to seek a final order from the Court of King's Bench of Alberta on September 17, 2024, to implement the arrangement. The completion of the arrangement is subject to obtaining the final order and other required approvals. The company will provide further updates when the continuance is completed.
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) has announced an important update regarding its upcoming special meeting of shareholders scheduled for September 16, 2024. The company has identified an error in the form of proxy provided to registered shareholders and the Voting Instruction Forms (VIFs) given to non-registered shareholders. As a result, all proxies and VIFs marked to "withhold" from voting on the Arrangement Resolution will now be deemed as votes "against" the proposal. This amendment is in accordance with the interim order of the Alberta Court of King's Bench granted on August 20, 2024. Votes in favor of the proposal remain unchanged. The press release has been approved by Paul Rivett, Executive Vice-Chairman of the Board of Directors.
Gold Reserve has successfully closed a private placement, raising US$36 million through the issuance of 8,780,488 Class A common shares at US$4.10 per share. The sole agent for the offering was Cantor Fitzgerald Canada (CFCC), receiving a commission of approximately US$1.05 million. With the completion of this offering, the total number of outstanding common shares stands at 112,799,914. The net proceeds will primarily support Gold Reserve's credit bid for PDV Holdings, Inc., the indirect parent company of Citgo Petroleum Corp., as well as for general corporate purposes.
Gold Reserve announced that Cantor Fitzgerald Canada has successfully closed the book on its private placement of Class A common shares, including the over-allotment option. The Company expects to raise gross proceeds of up to US$36 million at a price of US$4.10 per share. The Share Offering is set to be completed through a formal agency agreement, with the closing anticipated around July 3, 2024, pending regulatory approvals. The securities involved are not registered under U.S. laws and are not for sale within the United States. This update follows the initial announcement on June 25, 2024.