SPOKANE, Wash.--(BUSINESS WIRE)--Aug. 11, 2017--
Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the
“Company”) is pleased to announce that on August 10, 2017 it completed
its previously announced redemption of its outstanding senior notes. The
Company also announces that it has received the scheduled August payment
of US$29.5 million under the terms of the Settlement Agreement with
Also, on August 10, 2017 the Company shares commenced quotation on the
OTCQX System which will give real time trading data for investors in the
United States and increase the Company’s visibility in the market.
The Company redeemed approximately US $30.8 million in aggregate
principal amount of its outstanding senior notes, comprising
approximately US $10.4 million of its 11% Senior Secured Convertible
Notes due 2018 (the “Convertible Notes”) and approximately US $4.8
million of its 11% Senior Secured Interest Notes due 2018 (the “Interest
Notes” and together with the Convertible Notes, the “Notes”). In
addition, certain noteholders, at their election, have converted
approximately US $15.6 million aggregate principal amount of Notes.
The Notes were redeemed for cash at a redemption price of 120% of the
outstanding principal amount of the redeemed notes plus accrued interest
to the redemption date. Accordingly, the total redemption price paid by
the Company included approximately US $17.8 million related to the
redemption premium and accrued and unpaid interest on the Notes. The
redemption was made pursuant to the indenture governing the Notes and
the terms of the notice of redemption. As a result of receiving the
August payment from Venezuela and the redemption of the Notes, the
Company currently has approximately US $80.4 million in cash.
The Company issued approximately 5.2 million additional Class A common
shares in connection with the conversions described above, resulting in
approximately 97.5 million shares outstanding.
Further information regarding the Company can be located at www.goldreserveinc.com,
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: http://www.businesswire.com/news/home/20170811005066/en/
Source: Gold Reserve Inc.
Gold Reserve Inc.
A. Douglas Belanger, 509-623-1500