Gold reserve

Gold Reserve Announces Stock Option Grants

Retrieved on: 
Tuesday, February 13, 2024

Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) announces the grant of ­­140,000 stock options to employees including 100,000 to David Onzay, Chief Financial Officer.

Key Points: 
  • Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) announces the grant of ­­140,000 stock options to employees including 100,000 to David Onzay, Chief Financial Officer.
  • These stock options, which were granted on February 9, 2024, are exercisable at US $3.18, have a 10-year term and have been issued pursuant to the Company's 2012 Equity Incentive Plan (as amended, the "Option Plan").
  • This release has been approved by Rockne J. Timm, CEO of the Company.
  • Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

U.S. Supreme Court Denies Venezuela Leave to Appeal Order of Delaware Court and Gold Reserve Designated as Additional Judgement Creditor in Delaware Sale Process

Retrieved on: 
Tuesday, January 9, 2024

The Company currently has 99.5 million Class A Common Shares outstanding (107.3 million shares on a fully-diluted basis).

Key Points: 
  • The Company currently has 99.5 million Class A Common Shares outstanding (107.3 million shares on a fully-diluted basis).
  • The Delaware Court previously held that the priority of judgments of Additional Judgment Creditors will be based on the date each such creditor filed a motion for a writ of attachment that was subsequently granted.
  • These judgments, according to the Special Master’s chart, represent an aggregate amount of U.S. $5.564 billion, inclusive of interest through August 2023.
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.

Gold Reserve Announces Further Management and Board Changes

Retrieved on: 
Friday, January 5, 2024

James H. Coleman, currently Executive Chairman of Gold Reserve, will become President and Chairman Emeritus and continue his role as a senior executive of the Company in that capacity and Robert Cohen, currently a director of Gold Reserve, will be appointed Chairman of the Board.

Key Points: 
  • James H. Coleman, currently Executive Chairman of Gold Reserve, will become President and Chairman Emeritus and continue his role as a senior executive of the Company in that capacity and Robert Cohen, currently a director of Gold Reserve, will be appointed Chairman of the Board.
  • As previously announced, Mr. Timm will continue to serve as a director and advisor to the Company following his retirement.
  • The Board of Directors of Gold Reserve believe that these changes will allow it to effectively manage the transitional issues associated with Mr. Timm’s retirement after his more than 35 years of strong leadership.
  • All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice.

Gold Reserve Announces Stock Option Grant

Retrieved on: 
Tuesday, December 19, 2023

Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“the Company”) announces the grant of 145,000 stock options to David Knight, a director of the Company.

Key Points: 
  • Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“the Company”) announces the grant of 145,000 stock options to David Knight, a director of the Company.
  • These stock options, which were granted on December 14, 2023, are exercisable at US $2.52, have a 10-year term and have been issued pursuant to the Company's 2012 Equity Incentive Plan, as amended.
  • This release has been approved by Rockne J. Timm, CEO of the Company.
  • Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Gold Reserve Announces Retirement of Rockne Timm

Retrieved on: 
Monday, November 27, 2023

Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that Rockne J. Timm, Chief Executive Officer and a Director of the Company, will retire after more than 35 years of leadership.

Key Points: 
  • Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that Rockne J. Timm, Chief Executive Officer and a Director of the Company, will retire after more than 35 years of leadership.
  • We had hoped that this day would not come, but after more than 35 years, Rocky has decided to enjoy a well-deserved retirement.
  • This release has been approved by Rockne J. Timm, CEO of the Company.
  • All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice.

Gold Reserve Announces Update on IRS Audit

Retrieved on: 
Monday, November 20, 2023

The Company does not agree with the IRS’s proposed adjustments and currently intends to vigorously contest them.

Key Points: 
  • The Company does not agree with the IRS’s proposed adjustments and currently intends to vigorously contest them.
  • Moreover, the Company intends to pursue the competent authority process if and when appropriate to ensure no double taxation of the Arbitration Award Amounts.
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.
  • All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice.

Gold Reserve Reports on Results of Annual General Meeting of Shareholders

Retrieved on: 
Thursday, November 16, 2023

Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that, at the annual general meeting of shareholders held November 15th, 2023 (the “Meeting”), James H. Coleman, Rockne J. Timm, Yves M. Gagnon, Robert A. Cohen, James Michael Johnston, James Tunkey and David Knight were elected to the Board of Directors of Gold Reserve to hold office until the next annual meeting or until their successors are duly elected or appointed.

Key Points: 
  • Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that, at the annual general meeting of shareholders held November 15th, 2023 (the “Meeting”), James H. Coleman, Rockne J. Timm, Yves M. Gagnon, Robert A. Cohen, James Michael Johnston, James Tunkey and David Knight were elected to the Board of Directors of Gold Reserve to hold office until the next annual meeting or until their successors are duly elected or appointed.
  • David Knight was not on the slate of directors recommended by management of the Company in the management information circular in connection with the Meeting.
  • Mr. Knight is a retired lawyer with 40 years’ experience in the areas of securities and mining law.
  • All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice.

Gold Reserve Announces U.S. Delaware Court Issues Order Related to the PDVH Holding Sale Process

Retrieved on: 
Friday, July 28, 2023

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 27, 2023 the U.S. District Court for the District of Delaware (the Delaware Court ) issued a decision on certain issues concerning the PDVH sale process, including determining the process by which creditors of the Bolivarian Republic of Venezuela and Petroleos de Venezuela, S.A. (PDVSA) (collectively, the Creditors) can be named “Additional Judgment Creditors” and thereby participate in the previously announced sale process (the Sale Process) for the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.

Key Points: 
  • Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 27, 2023 the U.S. District Court for the District of Delaware (the Delaware Court ) issued a decision on certain issues concerning the PDVH sale process, including determining the process by which creditors of the Bolivarian Republic of Venezuela and Petroleos de Venezuela, S.A. (PDVSA) (collectively, the Creditors) can be named “Additional Judgment Creditors” and thereby participate in the previously announced sale process (the Sale Process) for the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.
  • The Delaware Court held that for a Creditor to be an Additional Judgment Creditor, it must obtain a conditional or unconditional writ of attachment from the Delaware Court.
  • As previously disclosed, the Company obtained a conditional writ of attachment from the Delaware Court by order dated March 30, 2023.
  • These judgments, according to the Delaware Court’s present order, represent an aggregate principal amount of U.S. $4.684 billion, exclusive of interest.

U.S. Third Circuit Court of Appeals Affirms Previously Announced District Court Order Granted to Gold Reserve and Others

Retrieved on: 
Tuesday, July 11, 2023

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 7, 2023 the United States Court of Appeals for the Third Circuit (the Third Circuit) issued a judgment affirming the orders of the United States District Court for the District of Delaware (the Delaware Court) issued on March 23, 2023 and March 31, 2023 (see Gold Reserve’s press releases dated April 4, 2023 and May 3, 2023).

Key Points: 
  • Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) announces that on July 7, 2023 the United States Court of Appeals for the Third Circuit (the Third Circuit) issued a judgment affirming the orders of the United States District Court for the District of Delaware (the Delaware Court) issued on March 23, 2023 and March 31, 2023 (see Gold Reserve’s press releases dated April 4, 2023 and May 3, 2023).
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.
  • Investors are cautioned not to put undue reliance on forward-looking statements.
  • All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice.

OFAC Publishes Guidance With Respect to Its Authorization of the Process to Be Used to Sell the Shares of CITGO’s Holding Company for the Potential Benefit of Certain Creditors of Venezuela Including Gold Reserve

Retrieved on: 
Wednesday, May 3, 2023

Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC authorization.

Key Points: 
  • Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC authorization.
  • OFAC’s position concerning the sales process was reported (with additional guidance provided by OFAC thereafter) in the previously announced status report that was filed by the Special Master on April 30, 2023.
  • PDVSA has filed a notice of appeal in respect of the decision of the Delaware Court to grant the Company, and the Other Creditors, the writs of attachment fieri facias.
  • This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.