Business
Gold Reserve receives unsolicited offer from Rusoro Mining Ltd and engages financial and legal advisors
SPOKANE, WA, Dec. 15 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) - Gold Reserve Inc. announced...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nSPOKANE, WA, Dec. 15 /CNW/ - Gold Reserve Inc. (TSX:GRZ - AMEX:GRZ) -\nGold Reserve Inc. announced today that Rusoro Mining Ltd. ("Rusoro")\n(CDNX:RML.V) has commenced an unsolicited offer (the "Offer") to acquire all\nof the outstanding shares and equity units of Gold Reserve in consideration\nfor three shares of Rusoro for each Gold Reserve share or equity unit.\n\n\nGold Reserve has retained RBC Capital Markets and JP Morgan as financial\nadvisors, and Fasken Martineau DuMoulin LLP and Baker & MacKenzie LLP as legal\nadvisors in connection with the Offer. The Board together with its financial\nadvisors and legal advisors will review the full terms of the Offer when they\nare received, and following that review the Board will make a recommendation\nthat is in the best interests of shareholders. Gold Reserve urges shareholders\nto wait for its Board to make its recommendation to shareholders before making\na decision with respect to the Offer. However, Gold Reserve recommends that\nall interested parties review the September 30, 2008 Management's Discussion\nand Analysis and interim financial statements of Rusoro Mining Ltd. These\nfilings can be found at www.sedar.com under Rusoro Mining Ltd.\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 Financial\nCorporation (TSX:EDV) (Endeavour") regarding the proposal. On Sunday, December\n14, 2008, Gold Reserve sent letters to each of Rusoro and Endeavour expressing\nconcerns about the role of Endeavour in Rusoro's Offer. Endeavour also\nprovides advisory services to Gold Reserve and has in depth knowledge of\nconfidential and proprietary information about Gold Reserve. In the\ncircumstances, Gold Reserve believes that the Offer cannot proceed and,\ntogether with its financial and legal advisors, is considering its options to\nprotect shareholder interests.\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 st...