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Gold Reserve Provides Update on CITGO Sale Process – Notice of Regulatory Approval / Motion to Strike Notice of Superior Proposal / Unsealing of Transcripts
PEMBROKE, Bermuda, August 28, 2025--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) ("Gold Reserve" or the "Company") provides three updates in the CITGO Sale Process:
About this update from Gold Reserve Ltd.
[{"type":"text","content":"PEMBROKE, Bermuda, August 28, 2025--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) ("Gold Reserve" or the "Company") provides three updates in the CITGO Sale Process:","length":216,"tagName":"p"},{"type":"text","content":"1. The Company received on August 27, 2025, a letter from the Federal Trade Commission ("FTC") granting early termination of the Hart-Scott-Rodino Act ("HSR") waiting period for the proposed acquisition by Gold Reserve of the PDVH Shares via its acquisition subsidiary Dalinar Energy Corporation. As stated in the letter, the early termination is effective immediately. This early termination means that the FTC has determined that Gold Reserve’s proposed acquisition of the PDVH Shares does not raise antitrust concerns.","length":541,"tagName":"p"},{"type":"text","content":"The Company filed notice of this regulatory approval with the U.S. District Court for the District of Delaware (the "Court"). A copy of this filing and the FTC’s letter will be posted here.","length":199,"tagName":"p"},{"type":"text","content":"2. Pursuant to the schedule set by the Court, the Company filed on August 27, 2025 a Motion to Strike the Special Master's Notice of Determination of Superior Proposal. The introduction to the motion states as follows:","length":222,"tagName":"p"},{"type":"text","content":""The Special Master’s determination that Amber Energy’s circa $5.859 billion bid price, is a "Superior Proposal" is contrary to this Court’s orders, discards the bidding procedures on which Gold Reserve and other parties relied, and threatens to short-change the Attached Judgment Creditors by $1.5 billion relative to the Dalinar Energy’s $7.382 billion bid. Gold Reserve expended tens of millions of dollars to participate in this process and committed the full value of its $1.3 billion judgment precisely because the Court ordered bidder protections—as reflected in the model SPA approved by the Court and the Dalinar Energy Stock Purchase Agreement ("Dalinar SPA")—that any post-Final Recommendation bid must exceed Dalinar Energy’s purchase price by at least $80 million (i.e., the $50 million overbid amount and the $30 million expense reimbursement)."","length":889,"tagName":"p","attribs":{}},{"type":"text","content":"The motion...