Gold Reserve Stock Price, News & Analysis

Gold Reserve Ltd. (GDRZF) announces that its Delaware subsidiary, Dalinar Energy Corporation, has submitted a topping bid to acquire PDV Holding, Inc. (PDVH), CITGO Petroleum Corp.'s indirect parent company. The bid, submitted through a U.S. District Court-supervised sale process in Delaware, is backed by a consortium including senior judgment creditors Rusoro Mining, Koch Minerals Sarl, and Koch Nitrogen International Sarl. The bid combines equity and debt financing, with full commitment from three leading financial institutions. If approved and completed, the bid would satisfy all senior waterfall creditors' judgments and a substantial portion of Gold Reserve's judgment. The final bid recommendation is due by June 27, 2025, with a court hearing scheduled for July 22, 2025. The transaction remains subject to closing conditions and regulatory approvals, including OFAC clearance.

The U.S. District Court for the District of Delaware has extended the Topping Period for submitting bids to purchase PDVH shares (Citgo Petroleum's indirect holding company) to June 18, 2025. The extension was granted following a motion by Venezuela Parties and supported by various stakeholders including Vitol, Rusoro Mining, Gold Reserve, and the Court-appointed Special Master. The Court established key deadlines: Special Master's Final Recommendation due June 27, objections by July 3, responses to objections by July 11, replies by July 16, Joint Status Report by July 16, discovery period conclusion by July 18, and Sale Hearing commencement on July 22, 2025. The Special Master must coordinate with parties regarding discovery schedules related to objections to the Final Recommendation.

The U.S. District Court for the District of Delaware has extended the Topping Period for submitting bids to purchase shares of PDVH, Citgo Petroleum's indirect holding company, from May 28, 2025, to at least June 2, 2025. This extension came in response to a motion by the Venezuela Parties (Citgo Petroleum, PDVH, PDVSA, and Venezuela), which was supported by Vitol, Inc., Rusoro Mining Ltd., and Gold Reserve Ltd. The Court will determine whether to further extend the Topping Period beyond June 2 after reviewing additional briefing from the Special Master and other parties due May 27-28, 2025.

Gold Reserve (OTCQX: GDRZF) announces that the U.S. District Court for the District of Delaware has adopted the Special Master's recommendation to select Red Tree's bid as the stalking horse bid for purchasing PDVH shares, Citgo Petroleum's indirect holding company.

The Court expects the Final Bid to exceed the $7.081 billion price proposed by Gold Reserve and its consortium partners, with a higher likelihood of closing. The Court has set key deadlines, including the Special Master's submission of a proposed order by April 24, 2025, establishing the Topping Period dates and discovery deadlines. Final briefings must conclude by July 3, 2025, with a joint status report due July 10, 2025, preceding the Sale Hearing scheduled for July 22-24, 2025.

Gold Reserve (GDRZF) announced that the U.S. District Court for the District of Delaware has indicated its inclination to overrule objections to the Special Master's recommendation regarding Red Tree's bid as the stalking horse bid for PDVH shares, Citgo Petroleum's indirect holding company.

The Court emphasized this is not a final Order and remains subject to further consideration, including during and after the oral argument scheduled for April 17, 2025. The Court has prepared specific questions for all participants to address during the oral argument.

The complete details of the Delaware sale proceedings can be accessed through the Public Access to Court Electronic Records system in the case of Crystallex International v. Bolivarian Republic of Venezuela.

Gold Reserve (GDRZF) has announced the completion of pre-hearing documents for the April 17, 2025 hearing regarding objections to the Special Master's recommendation of Red Tree Investments' bid. The hearing will take place at the U.S. District Court for the District of Delaware.

The documents relate to the CITGO sale process and can be accessed at the company's website. The case is part of the proceedings in Crystallex International v. Bolivarian Republic of Venezuela.

The company cautions that the sale process faces various uncertainties, including: Special Master's discretion in bid consideration, potential rejection of bids, financing requirements, necessary regulatory approvals (including OFAC clearance), and competing claims from other Venezuela creditors.

Gold Reserve (OTCQX: GDRZF) announced that the U.S. District Court for the District of Delaware has scheduled a hearing on April 17, 2025, in Wilmington regarding objections to the Special Master's recommendation. The recommendation concerns selecting Red Tree Investments, a subsidiary of Contrarian Capital Management, , as the stalking horse bidder for purchasing PDV Holding, Inc. (PDVH) shares, which is CITGO Petroleum Corp's indirect parent company.

Gold Reserve, along with its consortium members and other parties, filed their objections on March 31, 2025, followed by responses from the Special Master on April 3, and replies supporting the objections on April 4, 2025. The Court has identified specific issues regarding the Special Master's recommendation and scheduled pre-hearing briefing.

Gold Reserve (OTCQX: GDRZF) has initiated two new legal actions in the Lisbon District Court to enforce its arbitral award against Venezuela. The company aims to execute against multiple bank accounts in Lisbon where it has previously obtained attachment orders. The total amount owed under the Award, including interest, exceeds $1.1 billion, while the attached accounts contain more than $1.4 billion.

The Lisbon Court of Appeal has recently granted the company's application to have the Award recognized in Portugal. However, recovery remains uncertain due to several factors, including required additional court orders and undefined priority of attachments. Gold Reserve is also pursuing enforcement efforts in the United States, participating in sales procedures for PDV Holdings Inc. shares in Delaware District Court. Any recovery in either jurisdiction would offset the amount recoverable in the other.

Gold Reserve (OTCQX: GDRZF) has announced multiple objections filed in the U.S. District Court for Delaware regarding the Special Master's recommendation to select Contrarian's $3.699 billion bid over Dalinar Energy's $7.1 billion bid.

The objections were filed by several parties including Gold Reserve, Rusoro Mining, Koch Minerals Sarl, Siemens Energy, and CITGO Petroleum Corp. The disputes center on the significant value gap between the two bids, with objectors arguing for maximizing value for Delaware Court claimants rather than unresolved claims of 2020 bondholders in New York.

Key dates include responses due on April 3, 2025, and replies due on April 4, 2025. CITGO and PDV Holding have additionally filed a motion to stay proceedings pending a ruling from the Southern District of New York regarding PDVSA 2020 Bonds validity.