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Gold Reserve Provides Update on Adjournment of August 18, 2025 Sale Hearing
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 on Adjournment of August 18, 2025 Sale Hearing\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwmarginl1 { margin-left: 30px }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that the U.S. District Court for the District of Delaware (the “Court”) issued an order today in which it adjourned the start of the Sale Hearing from the currently scheduled August 18, 2025, to an as-yet unspecified future date. The Court also requested further briefing from the parties, and scheduled an in-person hearing on August 18, 2025, on this and related issues.\n \n\n The Court stated its rationale for the adjournment as follows:\n \n\n\n The Court reaches this conclusion reluctantly, but in the face of the following realities: a Sale Hearing held on August 18 would be directed to evaluating whether to accept the Special Master's recommendation to approve the Dalinar Energy bid, but the Special Master has recently received an unsolicited bid he is currently evaluating and which he may determine is a \"Superior Proposal\" to Dalinar's (as defined in the Dalinar SPA); if the Special Master determines he has received a Superior Proposal, Dalinar is entitled to time to match it; although all discovery undertaken and briefing received to date is directed to the Dalinar bid, there is some possibility the Special Master may no longer be recommending approval of that bid, which could render a Sale Hearing focused on the Dalinar bid unnecessary. While Gold Reserve may be correct that the unsolicited bid presently being evaluated is \"a non-actionable underbid\" (O.I. 2050 at 2) (emphasis omitted), the Court is not able to make a determination on this point in time to go forward with a Sale Hearing four days from now, especially since the Special Master has not yet completed his evaluation of the unsolicited bid.\n \n\n\n The Court stated its “inclinations as to appropriate next steps” as follows:\n \n\n\n At this time, the Court's inclinations as to the appropriate next steps are to: (i) order the Special Master to determine, no later than August 25, whether he is adhering to his recommendation of the Dalinar bid or, instead, has received a Superior Proposal; (ii) order the Special Mas...