Business
Gold Reserve Commences Legal Action Against Endeavour and Rusoro
SPOKANE, WA, Dec. 16 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) announces that it has filed t...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, Dec. 16 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ)\nannounces that it has filed today an action in the Ontario Superior Court of\nJustice against Endeavour Financial International Corporation ("Endeavour")\nand Rusoro Mining Ltd. ("Rusoro") (TSX-V:RML.V) seeking an injunction\nrestraining Rusoro and Endeavour from proceeding with the unsolicited offer,\nsignificant monetary damages, and various other items.\n\n\nOn Friday, December 12, 2008, the Board of Directors received a\nnon-binding proposal from Rusoro and received calls from representatives of\nRusoro's legal counsel and its financial advisor, Endeavour regarding the\nproposal. On Sunday, December 14, 2008, Gold Reserve sent letters to each of\nRusoro and Endeavour regarding improper access to, and use of, Gold Reserve's\nproprietary and confidential information. Endeavour also provides advisory\nservices to Gold Reserve and has in depth knowledge of confidential and\nproprietary information about Gold Reserve. Gold Reserve has not received a\nresponse to these letters, but received an email from Endeavour on Monday\nDecember 15th, purporting to terminate Endeavour's financial advisory\nagreement with Gold Reserve.\n\n\nOn Monday December 15th, 2008 Rusoro commenced an unsolicited offer to\nacquire all of the outstanding shares and equity units of Gold Reserve in\nconsideration for three shares of Rusoro for each Gold Reserve share or equity\nunit.\n\n\nGold Reserve Inc. is a Canadian company, which holds the rights to the\nBrisas gold/copper project and the Choco 5 gold exploration property in\nBolivar State, Venezuela. For the Company's periodic TSX (SEDAR) or SEC\n(Edgar) filings please visit our website at www.goldreserveinc.com under the\nInvestor Relations section.\n\n\nCertain statements included herein may constitute "forward-looking\nstatements" within the meaning of the United States Private Securities\nLitigation Reform Act of 1995. Forward-looking statements are necessarily\nbased upon a number of estimates and assumptions that, while considered\nreasonable by management at this time, are inherently subject to significant\nbusiness, economic and competitive uncertainties and contingencies. We caution\nthat such forward-looking statements involve known and unknown risks,\nuncertainties and other risks that ...