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Less than 3% of Gold Reserve shares tendered into Rusoro's hostile bid
Urges Shareholders NOT to Tender Their Shares into Rusoro's Inadequate Offer SPOKANE, WA, Jan. 20...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\nUrges Shareholders NOT to Tender Their Shares into Rusoro's Inadequate\nOffer\n\n\nSPOKANE, WA, Jan. 20 /CNW/ - Gold Reserve Inc. (NYSE Alternext: GRZ)\n(TSX: GRZ) today responded to Rusoro Mining Ltd.'s ("Rusoro") (TSX-V: RML)\nextension of its unsolicited offer of December 15, 2008 (the "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 tendered\nunder the Offer.\n\n\nDoug Belanger, President of Gold Reserve, said, "Rusoro has publicly\nadmitted that less than 3% of the outstanding shares have been tendered into\nits Offer. We believe that Gold Reserve shareholders are sending a clear\nmessage to Rusoro - that the Offer is opportunistic, financially inadequate\nand significantly undervalues Gold Reserve's assets and its overall\ncontribution to the combined company. Our Board and management team remain\ncommitted to ensuring that Gold Reserve shareholders receive full and fair\nvalue for their investment. We appreciate the support we have received and\nencourage all Gold Reserve shareholders not to tender their shares into the\nOffer and, for those who have, to withdraw them."\n\n\nShareholders who have questions or require assistance withdrawing their\nshares can contact the Company's information agent, Laurel Hill Advisory\nGroup, at 1-888-295-4655.\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.\n\n\nCertain statements included in this release may constitute\n"forward-looking statements" within the meaning of the United States Private\nSecurities Litigation Reform Act of 1995, as amended, ("PSLRA"), provided that\nstatements made solely in connection with Rusoro's offer are not subject to\nthe safe harbor protections provided to forward-looking statements under the\nPSLRA. Forward-looking statements are necessarily based upon a number of\nestimates and assumptions that, while considered reasonable by management at\nthis time, are inherently subject to significant business, economic and\ncompetitive uncertainties and contingencies. We caution that such\nforward-looking statements involve known and unknown risks, uncertainties and\nother r...