Gold Reserve Reports on Results of Annual Meeting

Rhea-AI Summary

Gold Reserve announced the election of several directors and the appointment of PricewaterhouseCoopers as auditors during its annual meeting. The newly elected board includes James H. Coleman and others, all serving until the next annual meeting. Additionally, director James Tunkey received stock options for 145,000 shares at $1.08 each, valid for 10 years. The company warns that forward-looking statements in the release are subject to risks, particularly related to operations in Venezuela and potential sanctions, which could materially impact outcomes.

Positive

• New board members elected, potentially fostering fresh strategic direction.
• Appointment of PricewaterhouseCoopers as auditors may enhance financial credibility.

Negative

• Risks associated with U.S. and Canadian sanctions against Venezuela.
• Continued failure of Venezuela to honor previous commitments under the Settlement Agreement.

SPOKANE, Wash.--(BUSINESS WIRE)-- Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announced that, at the annual general meeting held earlier today, James H. Coleman, Rockne J. Timm, James P. Geyer, Yves M. Gagnon, Robert A. Cohen, James Michael Johnston, and James Tunkey were elected to the Board of Directors of Gold Reserve to hold office until the next annual meeting or until their successors are duly elected or appointed, PricewaterhouseCoopers LLP were appointed as auditors of the Company and the audited financial statements of the Company for the year ended December 31, 2021 were duly received.

As a result of his election to the Board, Mr. Tunkey has been granted stock options to purchase 145,000 shares of Gold Reserve Inc. at a price of US $1.08 with a term of 10 years.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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 are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual outcomes, financial results, performance, or achievements of Gold Reserve to be materially different from our estimated outcomes, future results, performance, or achievements expressed or implied by those forward-looking statements, including without limitation the risks and uncertainties associated with the U.S. and Canadian sanctions against Venezuela and/or its government officials, risks associated with the continued failure by Venezuela to honor its commitments under the Settlement Agreement and/or the Award; risks associated with the collection of the Award and substantial concentration of our operations and assets in Venezuela and risks that any future Venezuelan administration will fail to respect the agreements of the prior administration. This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements. For a more detailed discussion of the risk factors affecting the Company’s business, see the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2021 which have been filed on SEDAR and are available under the Company’s profile at www.sedar.com and which form part of the Company’s Form 40-F for the year ended December 31, 2021 which have been filed on EDGAR and are available under the Company’s profile at www.sec.gov/edgar.

Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by the Securities and Exchange Commission and applicable Canadian provincial and territorial securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221117006129/en/

Gold Reserve Inc. Contact

A. Douglas Belanger, President

999 W. Riverside Ave., Suite 401

Spokane, WA 99201 USA

Tel. (509) 623-1500

Fax (509) 623-1634

Source: Gold Reserve Inc.

FAQ

What was announced at Gold Reserve's annual general meeting?

Gold Reserve announced the election of new board members and the appointment of auditors.

Who are the newly elected members of Gold Reserve's Board of Directors?

The newly elected members include James H. Coleman, Rockne J. Timm, James P. Geyer, Yves M. Gagnon, Robert A. Cohen, James Michael Johnston, and James Tunkey.

What stock options did James Tunkey receive?

James Tunkey received stock options to purchase 145,000 shares at a price of $1.08 per share.

What are the risks mentioned in Gold Reserve's press release?

The risks include U.S. and Canadian sanctions against Venezuela and the failure of Venezuela to meet its obligations under the Settlement Agreement.

What are the implications of the forward-looking statements in the PR?

Forward-looking statements are subject to significant business, economic, and competitive uncertainties that could materially impact Gold Reserve's performance.