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Notice of Unsolicited Non-Conforming Bid in the CITGO Sale Process
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":"Notice of Unsolicited Non-Conforming Bid in the CITGO Sale Process\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 Special Master filed a notice of an unsolicited, competing proposal to purchase the shares of PDV Holding, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp. The Special master also filed a redacted version of the proposal. The Special Master stated in the pertinent part:\n \n\n\n PLEASE TAKE FURTHER NOTICE THAT, on July 1, 2025 the Court approved the Special Master to engage with Bidder B with respect to the Bidder B Unsolicited Bid and to reactivate Bidder B’s access to the virtual data room. Since receipt of the Bidder B Unsolicited Bid, the Special Master has consistently engaged with Bidder B regarding its progress in furtherance of the proposed transaction. The Special Master understands Bidder B is in active discussions with various parties whose consent or agreement is required pursuant to the terms of the proposed transaction; however, as of the time of this submission, the Special Master has not yet received documentation of any such agreements. Accordingly, as of the date hereof, the Special Master has not deemed the Bidder B Unsolicited Bid to be a Superior Proposal (as defined in the SPA). See D.I. 1837, Ex. B at 63, § 6.16.\n \n\n\n A copy of the notice and the redacted proposal 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 ...