GOLD Reserve Provides Update ON Citgo Sale Process – Notice of Regulatory Approval / Motion to Strike Notice of Superior Proposal / Unsealing of Transcripts
GOLD RESERVE PROVIDES UPDATE ON CITGO SALE PROCESS – NOTICE OF
REGULATORY APPROVAL / MOTION TO STRIKE NOTICE OF SUPERIOR
PROPOSAL / UNSEALING OF TRANSCRIPTS
Pembroke, Bermuda – August 28, 2025 – Gold Reserve Ltd. (TSX.V: GRZ) (BSX:
GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) provides three updates
in the CITGO Sale Process:
1. The Company received on August 27, 2025, a letter from the Federal Trade
Commission (“FTC”) granting early termination of the Hart -Scott-Rodino Act (“HSR”)
waiting period for the proposed acquisition by Gold Reserve of the PDVH Shares via its
acquisition subsidiary Dalinar Energy Corporation. As stated in the letter, the early
termination is effective immediately. This early termination means that the FTC has
determined that Gold Reserve’s proposed acquisition of the PDVH Shares does not raise
antitrust concerns.
The Company filed notice of this regulatory approval with the U.S. District Court for the
District of Delaware (the “Court”). A copy of this filing and the FTC’s letter will be posted
here.
2. Pursuant to the schedule set by the Court, the Company filed on August 27, 2025
a Motion to Strike the Special Master’s Notice of Determination of Superior Proposal. The
introduction to the motion states as follows:
“The Special Master’s determination that Amber Energy’s circa $5.859
billion bid price, is a “Superior Proposal” is contrary to this Court’s orders,
discards the bidding procedures on which Gold Reserve and other parties
relied, and threatens to short -change the Attached Judgment Creditors by
$1.5 billion relative to the Dalinar Energy’s $7.382 billion bid . Gold
Reserve expended tens of millions of dollars to participate in this process
and committed the full value of its $1.3 billion judgment precisely because
the Court ordered bidder protections —as reflected in the model SPA
approved by the Court and the Dalinar Energy Stock Purchase Agreement
(“Dalinar SPA”)—that any post -Final Recommendation bid must exceed
Dalinar Energy’s purchase price by at least $80 million (i.e., the $50 million
overbid amount and the $30 million expense reimbursement).”
The motion respectfully requests that the Court strike the Notice, and any subsequent act
of the Special Master based thereon. Responses to the motion are due by September 5,
replies in support are due by September 11, and the Court will hear argument on the
motion at the Sale Hearing scheduled to commence September 15, 2025. A copy of the
motion and exhibits will be posted here.
3. Pursuant to the Court’s August 26, 202 5 Order granting in part the Company’s
motion to unseal transcripts of the Special Master’s August 11 and 13, 2025 ex parte
conferences with the Court, the Special Master filed partially redacted copies of the
transcripts on the docket . The Court further ordered that Gold Reserve may file an
objection to the Special Master ’s redactions, to which the Special Master shall respond
within two business days, and to which Gold Reserve may reply on the following business
day. A copy of the transcripts, the Court’s order, the Company’s motion and the Special
Master’s response to the motion will be posted here.
*****
A complete description of the Delaware sale proceedings can be found on the Public
Access to Court Electronic Records system in Crystallex International Corporation v.
Bolivarian Republic of Venezuela, 1:17- mc-00151-LPS (D. Del.) and its related
proceedings.
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. They are frequently characterized by words such as "anticipates", "plan",
"continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may ", "will",
"potential", "proposed", "positioned" and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward- looking statements contained in this
press release include, but are not limited to, statements relating to any bid submitted by
the Company for the purchase of the PDVH shares (the “Bid”).
We caution that such forward- looking statements involve known and unknown risks,
uncertainties and other risks that may cause the actual events, outcomes or results of
Gold Reserve to be materially different from our estimated outcomes, results,
performance, or achievements expressed or implied by those forward- looking
statements, including but not limited to: the discretion of the Special Master to consider
the Bid, to enter into any discussions or negotiation with respect thereto; the Special
Master may not recommend the Bid in the Final Recommendation; an objection to the Bid
may be upheld by the Court; the Bid will not be approved by the Court as the “Final
Recommend Bid” under the Bidding Procedures, and if approved by the Court may not
close, including as a result of not obtaining necessary regulatory approvals, including but
not limited to any necessary approvals from the U.S. Office of Foreign Asset Control
(“OFAC”), the U.S. Committee on Foreign Investment in the United States, the U.S.
Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any
other party to obtain sufficient equity and/or debt financing or any required shareholders
approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid;
that the Company may forfeit any cash amount deposit made due to failing to complete
the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may
involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion
of any transaction contemplated by the Bid, the business of the Company may experience
significant disruptions due to transaction related uncertainty, industry conditions, tariff
wars or other factors; the ability to enforce the writ of attachment granted to the Company;
the timing set for various reports and/or other matters with respect to the Sale Process
may not be met; the ability of the Company to otherwis e participate in the Sale Process
(and related costs associated therewith); the amount, if any, of proceeds associated with
the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the
Company, including any interest on such creditors’ judgements and any priority afforded
thereto; uncertainties with respect to possible settlements between Venezuela and other
creditors and the impact of any such settlements on the amount of funds that may be
available under the Sale Process; and the proceeds from the Sale Process may not be
sufficient to satisfy the amounts outstanding under the Company’s September 2014
arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the
ramifications of bankruptcy with respect to the Sale Process and/or the Company’s
claims, including as a result of the priority of other claims. This list is not exhaustive of the
factors that may affect any of the Company’s forward- looking statements. For a more
detailed discussion of the risk factors affecting the Company’s business, see the
Company’s Management’s Discussion & Analysis for the year ended December 31, 2024
and other reports that have been filed on SEDAR+ and are available under the
Company’s profile at www.sedarplus.ca.
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 notic e. 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 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.
For further information regarding Dalinar Energy, visit: https://www.dalinarenergy.com.
For further information regarding Gold Reserve Ltd., visit https://www.goldreserve.bm or
contact:
(441) 295-4653
A.S. Cooper Building, 7th Floor, 26 Reid Street, Hamilton, HM 11, Bermuda