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Delaware Court Extends Topping Period for Citgo Sale Process to at Least June 2, 2025
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve ” or the “...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Delaware Court Extends Topping Period for Citgo Sale Process to at Least June 2, 2025\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“\n \n Gold Reserve\n \n ” or the “\n \n Company\n \n ”) announces that today the U.S. District Court for the District of Delaware (the “\n \n Court\n \n ”) issued an order that extended the Topping Period for submitting bids for the purchase of the shares of PDVH, the indirect holding company of Citgo Petroleum, from May 28, 2025, until at least June 2, 2025. The order was issued in response to a motion by the Venezuela Parties (Citgo Petroleum, PDVH, PDVSA and the Republic of Venezuela) to extend the Topping Period for at least twenty-one days, which motion subsequently was supported by Vitol, Inc., Rusoro Mining Ltd. and the Company.\n \n\n The Court will decide whether to further extend the Topping Period beyond June 2, 2025, after reviewing further briefing from the Special Master and other parties due today and tomorrow (May 28, 2025).\n \n\n A copy of the order issued by the Court can be found\n \n here\n \n .\n \n\n A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in\n \n Crystallex International Corporation v. Bolivarian Republic of Venezuela\n \n , 1:17-mc-00151-LPS (D. Del.) and its related proceedings.\n \n\n\n Cautionary Statement Regarding Forward-Looking statements\n \n\n\n\n This release contains “forward-looking statements” within the meaning of applicable U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve’s and its management’s intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as \"anticipates\", \"plan\", \"continue\", \"expect\", \"project\", \"intend\", \"believe\", \"anticipate\", \"estimate\", \"may\...