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Gold Reserve Announces Signing of Definitive Restructuring Agreement in Connection with its 5.50% Senior Subordinated Convertible Notes due 2022
SPOKANE, WA, May 30, 2012 /CNW/ - Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE MKT:GRZ) (the "...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\n\n\nSPOKANE, WA, May 30, 2012 /CNW/ - Gold Reserve Inc. (TSX VENTURE:GRZ)\n (NYSE MKT:GRZ) (the \"Company\") is pleased to announce that further to\n its news release dated May 17, 2012, it has entered into a definitive\n agreement generally encompassing the terms described in such news\n release (the \"Restructuring Agreement\") with the three largest holders\n (the \"Large Noteholders\") of its 5.50% Senior Subordinated Convertible\n Notes due 2022 (the \"Notes\") in connection with the proposed\n restructuring of the Notes (the \"Proposed Restructuring\"). The Large\n Noteholders hold 87.8% of the outstanding Notes.\n\n\nThe Proposed Restructuring is subject to shareholder approval and to\n such consents as may be required under the indenture governing the\n Notes (the \"Indenture\").  The Proposed Restructuring will allow the\n Company to restructure its Notes with a combination of cash, common\n shares, new terms for the remaining balance of the Notes and a\n Contingent Value Right.\n\n\nThe full terms of the Proposed Restructuring, including the Contingent\n Value Right and a summary of the amended terms of the Notes, as well as\n an alternate transaction involving a short term deferral of the Large\n Noteholders' put right and amended Note terms in the event Shareholders\n do not approve the Proposed Restructuring, are set forth in the\n Restructuring Agreement, a copy of which is being made available under\n the Company's profile at www.sedar.com.  In addition, the material terms of the Proposed Restructuring and\n other relevant information concerning the Restructuring Agreement will\n be described in the Company's Proxy Statement/Information Circular to\n be sent shortly to shareholders in connection with the Company's\n upcoming annual and special meeting scheduled to be held on June 27,\n 2012 to consider and approve, among other things, the Restructuring.\n\n\nThis press release does not constitute an offer to purchase the Notes\n pursuant to the put option. The offer to repurchase notes pursuant to\n the put option is made solely by the \"Company Repurchase Notice to the\n Holders of Gold Reserve Inc. 5.50% Senior Subordinated Convertible\n Notes due June 15, 2022\" dated May 16, 2012, as the same may be\n amended.\n\n\nFurther information regarding the Company can be located at www.goldreserveinc...