GOLD RESV LTD BERMUDA - GDRZF STOCK NEWS

Gold Reserve has successfully closed a private placement, raising US$36 million through the issuance of 8,780,488 Class A common shares at US$4.10 per share. The sole agent for the offering was Cantor Fitzgerald Canada (CFCC), receiving a commission of approximately US$1.05 million. With the completion of this offering, the total number of outstanding common shares stands at 112,799,914. The net proceeds will primarily support Gold Reserve's credit bid for PDV Holdings, Inc., the indirect parent company of Citgo Petroleum Corp., as well as for general corporate purposes.

Gold Reserve announced that Cantor Fitzgerald Canada has successfully closed the book on its private placement of Class A common shares, including the over-allotment option. The Company expects to raise gross proceeds of up to US$36 million at a price of US$4.10 per share. The Share Offering is set to be completed through a formal agency agreement, with the closing anticipated around July 3, 2024, pending regulatory approvals. The securities involved are not registered under U.S. laws and are not for sale within the United States. This update follows the initial announcement on June 25, 2024.

Gold Reserve announces a brokered private placement of up to US$30 million via Cantor Fitzgerald Canada The offering price is US$4.10 per share, with proceeds aimed at covering expenditures for the company's credit bid for PDV Holdings' common shares and for general corporate purposes. The closing is expected around July 3, 2024, contingent on formal documentation and regulatory approvals, including TSX Venture Exchange approval. An over-allotment option could raise total proceeds to US$36 million. The shares will be offered under specific exemptions in Canada and the U.S., and will come with a commission of 6% on gross proceeds for the agent.

Gold Reserve has submitted a credit bid for the common shares of PDV Holdings, the parent company of CITGO Petroleum Corp. This bid is part of a sales process managed by a Special Master appointed by the U.S. District Court for Delaware. The terms of the bid are confidential, and further actions will follow the bidding procedures. Gold Reserve has partnered with FJ Management, which may participate in ownership and operational oversight if the bid succeeds. Both companies' executives expressed optimism about the partnership and future opportunities.

Gold Reserve has successfully completed a private placement, raising US$15 million through the sale of 4,285,715 Class A common shares at US$3.50 each. Managed by Cantor Fitzgerald Canada Corp., this placement increases the total outstanding common shares to 103,954,426. The proceeds will support the company's potential bid in the sale of PDV Holdings, the parent of CITGO Petroleum Corp, as part of a court-supervised sale process. A cash commission of US$400,000 was paid to Cantor Fitzgerald Canada. If the bid doesn't materialize or succeed, the funds will be redirected to working capital and general corporate purposes. The shares sold outside Canada, adhering to regulatory requirements, are free from resale restrictions under Canadian law. The offering is pending final TSXV acceptance.

Gold Reserve (TSX.V: GRZ, OTCQX: GDRZF) has engaged advisors to explore potential debt and equity financing for a previously announced bid related to the sale of PDV Holdings' shares. This bid, part of a broader transaction, aims to acquire shares of PDV Holdings, the indirect parent company of CITGO Petroleum. The sale and bidding procedures are managed by the U.S. District Court for the District of Delaware. There is no guarantee that the financing or the bid will materialize. The company stresses that any securities offering will not be registered under the U.S. Securities Act of 1933 and cannot be sold in the U.S. without proper registration or exemptions.

Gold Reserve announced the successful marketing and book closure of its best efforts private placement of Class A common shares. The placement, including the over-allotment option, aims to raise up to $15 million at $3.50 per share. Cantor Fitzgerald Canada acted as the lead agent and bookrunner. The formal closing of the offering is expected around June 7, 2024, pending required regulatory approvals. The securities are not registered under U.S. securities laws and cannot be sold within the U.S. This announcement follows a previous press release from May 27, 2024.

Gold Reserve announced a private placement of up to US$10 million in Class A common shares at US$3.50 per share, with an over-allotment option that could raise an additional US$5 million. The offering, managed by an appointed agent, aims to fund a potential transaction involving the sale of PDV Holdings' shares, the parent company of CITGO Petroleum. Scheduled to close by June 7, 2024, it requires regulatory approvals, including from the TSX Venture Exchange. Proceeds will also cover working capital and corporate purposes if the transaction fails.

Gold Reserve has announced it will raise up to USD 65 million through various financing transactions to potentially bid for the shares of PDV Holdings under Delaware proceedings. This includes a private placement of Class A common shares to raise up to USD 10 million at USD 3.50 per share, with an over-allotment option increasing proceeds to USD 15 million. Additionally, the company secured a borrowing facility with Monarch Alternative Capital for up to USD 50 million. The funds will support a potential bid for PDVH shares or be used for general corporate purposes. The transactions are subject to regulatory approvals.