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Gold Reserve Announces US$7.382 Billion Citgo Bid Recommendation
Decision represents a Significant Milestone in 15-year legal journey Gold Reserve Ltd...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Announces US$7.382 Billion Citgo Bid Recommendation\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwpadl0 { padding-left: 0px }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignt { vertical-align: top }\n \n\n\n\n\n Decision represents a Significant Milestone in 15-year legal journey\n \n\n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) announced today that its U.S. acquisition subsidiary, Dalinar Energy Corporation, is the Final Recommended Bidder for the purchase of shares of PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp.\n \n\n The selection of the U.S.-based Dalinar was made public today in the Notice of Final Recommendation filed by the Special Master appointed by the U.S. District Court for the District of Delaware, which is overseeing the sale process. This represents a significant milestone in Gold Reserve’s nearly 15-year legal journey. A copy of the Special Master’s Final Recommendation and supporting materials, including Dalinar’s bid materials, can be found\n \n here\n \n .\n \n\n For further information regarding Dalinar, visit:\n \n https://www.dalinarenergy.com\n \n .\n \n\n “We are thankful for all of the efforts of the Special Master and his advisors to reach today’s final US$7.382 billion bid recommendation. We believe the recommendation acknowledges the strength of Dalinar’s bid,” said Paul Rivett, Gold Reserve’s Executive Vice Chairman. Mr. Rivett continued, “Our bid satisfies creditors further down the waterfall than was ever contemplated by any prior bid since the inception of the Delaware sale process. Gold Reserve is thankful to our consortium partners, financial counterparties, and other stakeholders who steadfastly supported us through the years and made today’s bid recommendation possible. Above all, we are very grateful to the team members that worked tirelessly to achieve this outcome, and to Gold Reserve’s supportive shareholders who kept the faith and believed in us through tough times, some for many thankless decades. We look forward to the Court’s decision in August and getting closer to finally closing this chapter in Gold Reserve&...