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Gold Reserve Announces Submission of Further Revised Topping Bid by Dalinar Energy for CITGO Parent Company
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve ” or the “...
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[{"type":"text","content":"Gold Reserve Announces Submission of Further Revised Topping Bid by Dalinar Energy for CITGO Parent Company\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 its Delaware subsidiary, Dalinar Energy Corporation (“\n \n Dalinar Energy\n \n ”), submitted a further revised topping bid to be selected as the Final Recommended Bid for the purchase of the shares of PDV Holding, Inc. (“\n \n PDVH\n \n ”), the indirect parent company of CITGO Petroleum Corp., pursuant to the sales process being conducted by the U.S. District Court for the District of Delaware (the “\n \n Court\n \n ”). Dalinar Energy submitted an initial topping bid on June 3, 2025 as announced\n \n here\n \n and a revised topping bid on June 18, 2025 as announced\n \n here\n \n .\n \n\n Terms of the further revised bid will remain confidential until, at the earliest, the Special Master appointed to operate the sale process reviews all bids and makes his final recommendation to the Court by July 2, 2025. The Court is scheduled to hold a sale hearing starting on August 18, 2025, and in connection therewith rule on any objections to the Special Master’s final recommendation.\n \n\n Consummation of the further revised bid, if selected and approved by the court, is subject to closing conditions and regulatory approvals, including but not limited to approval by the U.S. Department of Treasury’ s Office of Foreign Assets Control (“\n \n OFAC\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 ...