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Gold Reserve Announces Filing of Emergency Request in CITGO Sale Process Regarding OFAC Issuance of General License 5S
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve ” or the “...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Announces Filing of Emergency Request in CITGO Sale Process Regarding OFAC Issuance of General License 5S\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 “Company”) announces that today it filed an emergency letter request with the U.S. District Court for the District of Delaware (the “\n \n Court\n \n ”) arising from OFAC’s issuance of General License (“GL”) 5S, which extends by another six (6) months, until December 20, 2025, the long-running suspension of the ability of the “2020 Bondholders” to exercise their rights under their purported Pledge of the shares of CITGO Holding.\n \n\n In its request, the Company asked the Court to issue an order inviting OFAC to clarify and confirm whether it intends to continue to suspend GL-5 beyond the expected Closing of the Sale Transaction.\n \n\n While the Company firmly believes that OFAC’s position with respect to the suspension of GL-5 is already clear—from the fact that this suspension has been in place for over five years and has now been extended for another six months, and well past the August 18 Sale Hearing date—any further guidance from OFAC will, in the Company’s view, increase the probability of the Court achieving its objective of achieving a value-maximizing Sales Transaction for the PDVH shares.\n \n\n A copy of the Company’s letter request 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 Crystallex International Corporation v. Bolivarian Republic of Venezuela, 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...