Gold Reserve Announces up to US$20.0 Million Brokered Private Placement of Common Shares

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[{"type":"text","content":"Gold Reserve Announces up to US$20.0 Million Brokered Private Placement of Common Shares\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces it has entered into an engagement letter with Cantor Fitzgerald Canada Corporation (“CFCC” or the “Agent”), to undertake a private placement of Class A common shares of the Company (the “Common Shares”) for anticipated gross proceeds of up to US$20.0 million at a price per Common Share of US$3.10 (the “Offering”).\n \n\n Net proceeds from the Offering are expected to be used for expenditures related to the Company's previously announced credit bid submitted for the common shares of PDV Holdings, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp. (the “Bid”), and for working capital and general corporate purposes.\n \n\n The number of Common Shares to be sold will be determined in the context of the market in conjunction with the marketing efforts and there can be no assurance as to completion of the Offering. The closing of the Offering is expected to occur on or about July 31, 2025 (the “Offering Closing Date”) and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.\n \n\n The Company has granted the Agent an over-allotment option exercisable, in whole or in part, in the sole discretion of the Agent, to arrange for the purchase of up to an additional 50% of the number of Common Shares sold in the Offering at any time up to two days prior to the Offering Closing Date, on the same terms and conditions as the Offering. If exercised in full, the Company would raise up to US$30 million in gross proceeds from the issuance of Common Shares.\n \n\n The Common Shares will be offered on a “best efforts” private placement basis pursuant to applicable exemptions in each of the provinces of Canada under National Instrument 45-106 – Prospectus Exemptions and in the United States on a private placement basis pursuant to applicable exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the &#x2...

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