SPOKANE, Wash.--(BUSINESS WIRE)--Jul. 21, 2017--
Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the
“Company”) today announced that it has given notice to its noteholders
that it will redeem in full on August 10, 2017 (the “Redemption Date”)
all of its remaining 11% Senior Secured Convertible Notes due 2018 (the
“Convertible Notes”) and 11% Senior Secured Interest Notes due 2018
(together with the Convertible Notes,” the “Notes”), for an amount of
cash equal to 120% of the outstanding principal amount of the Notes plus
accrued interest to the Redemption Date. There are currently
approximately US $30.8 million aggregate principal amount of Notes
On July 11, 2017, the Company announced the receipt of the first
installment payment of US $29.5 million pursuant to the terms of the
settlement agreement (the “Settlement Agreement”) between the Company
and the Bolivarian Republic of Venezuela (“Venezuela”). Pursuant to the
terms of the indenture governing the Notes, receipt of the installment
payment obligates Gold Reserve to apply such proceeds toward the
redemption of the outstanding Notes. Based on the total funds received
to date and the Company’s resulting net cash position and expected tax
obligations, the Company is able to call for full redemption of the
remaining outstanding Notes pursuant to the terms of the indenture.
Further information regarding the Company can be located at www.goldreserveinc.com,
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, including without limitation statements with respect to Gold
Reserve’s intention to redeem all of the remaining outstanding Notes.
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
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: http://www.businesswire.com/news/home/20170721005594/en/
Source: Gold Reserve Inc.
Gold Reserve Inc.
A. Douglas Belanger, 509-623-1500