SPOKANE, Wash.--(BUSINESS WIRE)--Oct. 9, 2018--
Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the
“Company”) is pleased to provide an update on the transfer of funds from
BANDES Bank associated with the Company’s Settlement Agreement with
US $14.9 million has been transferred by BANDES Bank to the Company’s
bank account in North America, leaving approximately US$22 million
remaining in the Company’s trust account in Venezuela. Venezuela’s
monthly payment obligations, pursuant to the Settlement Agreement, are
in arrears by approximately US $206.5 million excluding the amount
remaining in the Trust Account. The Company and Venezuela continue to
work on satisfying the unpaid amounts.
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
future payments under the Settlement Agreement. 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 that
payments due under the Settlement Agreement continue to be delayed, the
Company may not receive future payments due under such agreement, the
Company may not be able to repatriate payments that are received, and
the imposition of further sanctions by the U.S., Canada or other
jurisdictions that may negatively impact our ability to freely transfer
funds from Venezuela or our ability to do business in Venezuela.
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,
including without limitation the effect of sanctions imposed by the
governments of the United States and Canada against dealings with
certain Venezuelan entities and individuals, see the Company’s Annual
Information Form and Management’s Discussion & Analysis for the year
ended December 31, 2017 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, 2017 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/20181009006161/en/
Source: Gold Reserve Inc.
Gold Reserve Inc.
A. Douglas Belanger, 509-623-1500