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Gold Reserve Provides Update in CITGO Sale Process: Multiple Parties Appeal Final Sale Order
Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the ...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Provides Update in CITGO Sale Process: Multiple Parties Appeal Final Sale Order\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that today it filed a notice of appeal to the U.S. Court of Appeals for the Third Circuit (the “appeals court”) from the final sale order entered by the U.S. District Court for the District of Delaware (the “district court”) on November 29, 2025, that authorized the sale of the PDVH Shares to Elliott/Amber Energy (“Elliott”). The notice of appeal also includes all prior orders and decisions giving rise to and incorporated within the final sale order including without limitation the district court’s November 25, 2025 opinion and order approving the Elliott bid instead of the Company’s $2 billion higher bid.\n \n\n Notices of appeal also were filed by the Venezuela Parties (the Opposition government of the Bolivarian Republic of Venezuela, Petróleos de Venezuela, S.A., PDV Holding, Inc., and CITGO Petroleum Corporation). The Venezuela Parties also filed with the appeals court a motion to stay the final sale order pending the outcome of the appeals.\n \n\n A copy of the filings can be found\n \n here\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 or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and cont...