Update on CITGO Sale Process

About this update from Gold Reserve Ltd.

[{"type":"text","content":"Update on CITGO Sale Process\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“\n \n Gold Reserve\n \n ” or the “\n \n Company\n \n ”) announces that the $7.1 billion bid, with fully committed financing from two large financial institutions, submitted by the Company’s US subsidiary, Dalinar Energy Corporation (“\n \n Dalinar Energy\n \n ”), was not recommended by the Special Master as the “Stalking Horse” or the “Base Bid” for the purchase of the shares of PDV Holding, Inc. (“\n \n PDVH\n \n ”), the indirect parent company of CITGO Petroleum Corp., in the sales process being conducted by the U.S. District Court for the District of Delaware (the “\n \n Court\n \n ”).\n \n\n The terms of Dalinar Energy’s proposal (the “\n \n Proposal\n \n ”) have now been publicly disclosed by the Special Master appointed by the Court to operate the sale process. The bid by Dalinar Energy and information on the other bids submitted to the Special Master can be found at\n \n\n https://goldreserve.bm/bids\n \n\n\n .\n \n\n\n The Special Master recommended as the Stalking Horse a $3.699 billion bid by Red Tree Investments, an indirect subsidiary of Contrarian Funds, LLC, an affiliate of Contrarian Capital Management, LLC (collectively, “\n \n Contrarian\n \n ”). A copy of the Special Master’s recommendation can be found at\n \n\n https://goldreserve.bm/special-masters-recommendation\n \n\n .\n \n\n Dalinar Energy has significant concerns with the recommendation, including, (i) Dalinar Energy’s bid is $3.382 billion higher than Contrarian’s bid, a difference of more than 91%; and (ii) documents critical to the Contrarian bid (and the recommendation) were not made public. An emergency request has been filed with the Court with respect to the non-public documents and can be found at\n \n\n https://goldreserve.bm/request-re-non-public-documents\n \n\n . The Court has set an expedited briefing schedule for the motion, and a potential hearing on March 27, 2025.\n \n\n The deadline for objections to the Special Master’s Stalking Horse Bid recommendation has been stayed pending the Court’s resolution of...

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