PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. ("Gold Reserve†or the "Company†) (TSX-V: GRZ, BSX: GRZ.BH, OTCQX: GDRZF) is pleased to announce the successful closing of its US$75 million private placement financing (the "Financing†) with a group of primarily strategic investors. The Company issued a total of 24,999,999 common shares ("Common Shares†) at a price of US$3.00 per share. The Financing includes participation from several highly experienced, strategic investors that we expect. ...

Core Viewpoint - Gold Reserve Ltd. has revised its engagement letter with Cantor Fitzgerald Canada Corporation, increasing the size of its private placement to approximately US$75 million at a price of US$3.00 per common share [1]. Group 1 - The private placement of common shares is expected to generate gross proceeds of up to approximately US$75 million [1]. - The price per common share for the offering is set at US$3.00 [1].

PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) ("Gold Reserve†or the "Company†), a majority US-owned company, applauds the recent actions in Venezuela by President Trump, his administration and the Joint Armed Forces of the United States to bring Nicholas Maduro to justice. The Maduro regime has perpetrated horrific crimes against the people of Venezuela, including one of our colleagues, Jose Ignacio Moreno Suarez, who is a political prisoner, c. ...

Core Viewpoint - Gold Reserve Ltd. has filed an appeal against the final sale order by the U.S. District Court for the District of Delaware, which authorized the sale of PDVH Shares to Elliott/Amber Energy despite Gold Reserve's higher bid of $2 billion [1][12]. Group 1: Appeal Process - The appeal was filed with the U.S. Court of Appeals for the Third Circuit, contesting the final sale order from November 29, 2025 [1]. - The Venezuela Parties, including the Bolivarian Republic of Venezuela and CITGO Petroleum Corporation, have also filed notices of appeal and a motion to stay the final sale order pending the outcome of their appeals [2]. Group 2: Sale Order Details - The Delaware court's final order allows the sale of PDVH Shares to Elliott/Amber Energy, which submitted a bid of $5.9 billion, despite Gold Reserve's bid of $7.9 billion being fully financed [12]. - The court has stayed the closing of the sale until at least seven days after the Special Master files necessary documents [11]. Group 3: Background Information - A complete description of the Delaware sale proceedings can be accessed through the Public Access to Court Electronic Records system, specifically in the case of Crystallex International Corporation v. Bolivarian Republic of Venezuela [3].

Core Viewpoint - The U.S. District Court for the District of Delaware has ruled that PDVH shares should be sold to Elliott/Amber Energy, despite their bid being $2 billion lower than the $7.9 billion bid from Gold Reserve/Dalinar Energy [1] Group 1 - Gold Reserve Ltd. is involved in a legal dispute regarding the sale of PDVH shares [1] - The court's decision favors Elliott/Amber Energy over Gold Reserve/Dalinar Energy [1] - The difference in bids highlights a significant financial disparity, with Gold Reserve's bid being fully financed at $7.9 billion [1]

Core Viewpoint - Gold Reserve Ltd. has received a favorable Final Award in its arbitration against BANDES, the Venezuelan state development bank, amounting to approximately $28.98 million, including pre-award interest and additional costs [1]. Summary by Sections Arbitration Outcome - Gold Reserve Corporation, an affiliate of Gold Reserve Ltd., was awarded a total of $28,982,568.70 in the arbitration against BANDES, which includes pre-award interest [1]. - The tribunal also awarded costs amounting to €434,000 and post-award interest calculated at the 12-month SOFR + 2% from the date of the Final Award until full payment is made [1]. Recovery Efforts - Gold Reserve plans to pursue the recovery of the awarded amounts through ongoing recognition and enforcement proceedings in the courts of Portugal [2]. Financial Implications - The awarded amount reflects significant financial implications for Gold Reserve, potentially impacting its liquidity and operational capabilities as it seeks to enforce the award [1][2].

Core Points - An affiliate of Elliott Investment Management, Amber Energy, won a court-ordered auction for control of Citgo Petroleum Corp., which is considered Venezuela's most valuable foreign asset [1][2] - The US District Judge Leonard Stark approved Amber Energy's bid of $5.89 billion, stating it was the highest and best offer after a lengthy auction process [2][3] - The judge emphasized that the Amber bid provided the best combination of price and certainty of closing, and it was neither grossly inadequate nor manifestly unjust [3] Financial Implications - Following the announcement, PDVSA bonds due in 2020, which are backed by shares in a PDV Holding affiliate, increased in value, trading slightly above par [4] - The deal with Amber will allow bondholders to be paid off with $1.68 billion in cash at the closing of the sale, as they will release their pledge against the company [4] Company Operations - Citgo operates refineries, pipelines, terminals, and fuel distribution channels in the US, and is a subsidiary of PDV Holding, which is controlled by Venezuela's political opposition [7] - The political opposition represents PDVSA in US courts due to the lack of recognition of President Nicolas Maduro's government by the US [7] Legal Context - The auction process has faced controversy, with Gold Reserve Ltd. attempting to disqualify the judge and special master, claiming favoritism towards Amber [8] - Despite these claims, Judge Stark and Special Master Robert Pincus were not disqualified, and the auction process continues with a deadline for last objections set for November 28 [6][9] Historical Background - The legal battle over Citgo is part of a long-standing issue involving various creditors, including Canadian miner Crystallex International Corp. and US driller ConocoPhillips Co., seeking compensation for losses from the nationalization of their assets in Venezuela [10]

Core Viewpoint - Gold Reserve Ltd. has announced the completion of the Canada Revenue Agency (CRA) audit of its international transactions, resulting in no net adjustments to its Canadian tax filings for the years under review [1] Tax Audit Update - The CRA audit covered the taxation years 2014, 2016, 2017, and 2018, which included a proposed reassessment related to the September 2014 arbitral award and payments made under the settlement agreement with Venezuela [1] - The completion of the audit means that the CRA examinations of the Company's Canadian tax filings for the years under review are concluded, and no further reassessments are proposed [1]

Core Viewpoint - Gold Reserve Ltd. has faced a setback as the U.S. Court of Appeals for the Third Circuit denied its Petition for Writ of Mandamus and request for oral argument without providing a written opinion [1] Company Summary - The company is currently evaluating all available appellate remedies and other avenues for relief following the court's decision [1]

Core Viewpoint - Gold Reserve Ltd. has appointed Michael Johnston as the new Chair of the Board, succeeding Robert Cohen, effective immediately. This change aims to advance the company's strategic objectives with Johnston's extensive experience [1][2]. Group 1: Leadership Change - Michael Johnston, a long-standing member of the Board, has been appointed as the new Chair, bringing significant entrepreneurial and strategic decision-making experience [2]. - The appointment was approved during a regularly scheduled Board meeting on November 13, 2025 [1]. - CEO Paul Rivett expressed confidence in Johnston's leadership and knowledge of the business, highlighting his suitability for guiding the Board [2]. Group 2: Acknowledgment of Previous Leadership - The company expressed gratitude to Robert Cohen for his years of service and leadership as Chair and director [2].