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gdrzfform6k062416.htm - Generated by SEC Publisher for SEC Filing

 

  FORM 6-K

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

 

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

 

For the month of June 2016
 
Commission File Number: 001-31819

 

Gold Reserve Inc.

(Exact name of registrant as specified in its charter)

 

926 W. Sprague Avenue, Suite 200
Spokane, Washington 99201
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

 

 

 

 

This Report on Form 6-K and the exhibit attached hereto are hereby incorporated by reference into Gold Reserve Inc.’s (the “Company”) current Registration Statements on Form F-3 on file with the U.S. Securities and Exchange Commission (the “SEC”).

The following exhibit is furnished with this Form 6-K:

99.1 News Release

 

 

Cautionary Statement Regarding Forward-Looking Statements and information

The information presented or incorporated by reference in this report contains both historical information and “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or “forward looking information” (within the meaning of applicable Canadian securities laws) (collectively referred to herein as “forward looking statements”) that may state our 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 us at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause our actual financial results, performance or achievements to be materially different from those expressed or implied herein and many of which are outside our control. 

Forward-looking statements involve risks and uncertainties, as well as assumptions, including those set out herein, that may never materialize, prove incorrect or materialize other than as currently contemplated which could cause our results to differ materially from those expressed or implied by such forward-looking statements.  The words “believe,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “may,” “could” and other similar expressions that are predictions of or indicate future events and future trends, which do not relate to historical matters, identify forward-looking statements.  Any such forward-looking statements are not intended to provide any assurances as to future results.

Numerous factors could cause actual results to differ materially from those described in the forward-looking statements, including without limitation:

  • our ability to reach agreement on definitive documentation for the transactions contemplated by the Memorandum of Understanding (the “MOU”) that the Company entered into with the Bolivarian Republic of Venezuela (“Venezuela”) on February 24, 2016 (as extended), with respect to the potential payment and resolution of the amounts awarded (the “Arbitral Award” or “Award”) by the International Centre for Settlement of Investment Disputes, the payment of an amount to be agreed to by the parties in exchange for the Company’s transfer of the mining data related to the Brisas Project (the “Mining Data”) to Venezuela and the potential subsequent joint development and financing of the Brisas Project and the adjacent Cristinas gold-copper project into one combined project (“Brisas-Cristinas Project”) by the Company and Venezuela and consummate such transactions;
  • the ability of Venezuela to fund the contemplated payments to the Company pursuant to the Arbitral Award or the other transactions contemplated by the MOU, including the potential development of the Brisas-Cristinas Project;
  • our ability to satisfy the obligations under our outstanding notes following any payment by Venezuela under the Arbitral Award or with respect to our contribution of the Mining Data to the mixed company, and any subsequent distribution of remaining funds to our shareholders (subject in each case to the payment of outstanding or incurred corporate obligations and/or taxes);
  • the timing of the consummation of the transactions contemplated by the MOU or the receipt of the payments contemplated therein;
  • the costs associated with the enforcement and collection of the Arbitral Award, including the costs that we will incur in connection with the settlement of the Arbitral Award pursuant to the transactions contemplated by the MOU;
  • the complexity and uncertainty of varied legal processes in multiple international jurisdictions associated with our efforts to collect the Arbitral Award (including the U.S.);
  • the potential concentration of our future operations and assets in Venezuela, including operational, regulatory, political and economic risks associated with Venezuelan operations;
  • the potential for corruption and uncertain legal enforcement in Venezuela, including requests for improper payments;
  • the potential that civil unrest, military actions and crime will impact our potential future operations and assets in Venezuela;
  • risks associated with exploration and, if adequate reserves, financing and other resources are available, development of the Brisas-Cristinas Project (including regulatory and permitting risks);
  • our ongoing liquidity and capital resources and access to additional funding in the future when required;
  • continued servicing or restructuring of our outstanding notes or other obligations as they come due;
  • our ability to maintain continued listing of its Class A common shares on the TSXV;
  • our long-term plan for identifying and achieving revenue producing operations in the future;
  • shareholder dilution resulting from restructuring, refinancing or conversion of our outstanding notes or from the sale of additional equity, if required;
  • value realized from the disposition of the remaining Brisas Project related assets, if any;
  • value realized from the disposition of the Mining Data, if any, pursuant to the transactions contemplated by the MOU or otherwise;
  • prospects for the Company’s exploration and development of mining projects, including the potential joint development of the Brisas-Cristinas Project by the Company and Venezuela;
  • currency, metal prices and metal production volatility;
  • adverse U.S. and/or Canadian tax consequences;
  • abilities and continued participation of certain key employees; and
  • other risks normally incident to the exploration, development and operation of mining properties.
 

This list is not exhaustive of the factors that may affect any of our forward-looking statements. See “Risk Factors” contained in our Annual Information Form and Annual Report on Form 40-F filed on www.sedar.com and www.sec.gov, respectively for additional risk factors that could cause results to differ materially from forward-looking statements.

Investors are cautioned not to put undue reliance on forward-looking statements, and investors should not infer that there has been no change in our affairs since the date of this report that would warrant any modification of any forward-looking statement made in this document, other documents periodically filed with the SEC or other securities regulators or presented on the Company’s website.  Forward-looking statements speak only as of the date made.  All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this notice.  We disclaim 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 our disclosure obligations under applicable U.S. and Canadian securities regulations.  Investors are urged to read the Company’s filings with U.S. and Canadian securities regulatory agencies, which can be viewed online at www.sec.gov and www.sedar.com, respectively.

 

 

 

(Signature page follows)

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: June 24, 2016

 

 

GOLD RESERVE INC. (Registrant)

 

 

 

By:    /s/ Robert A. McGuinness

Name:    Robert A. McGuinness

Title:     Vice President – Finance & CFO

 

 

 

gdrzfform6kexhibit991062416.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.1

 

NR-16-11

 

GOLD RESERVE UPDATES ON STATUS OF AGREEMENTS WITH VENEZUELA

 

SPOKANE, WASHINGTON, June 23, 2016

 

Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (the “Company” or “Gold Reserve”) announces a further extension of the previously announced Memorandum of Understanding (“MOU”) with the Bolivarian Republic of Venezuela to July 15, 2016. The execution of the previously announced settlement and mixed company (joint venture) agreements have been delayed due to recent positive events in Venezuela, such as the formation of the new “Ministry of Ecological Mining Development” and the appointment of a new Minister allowing the government to pursue the development of its mineral resources independent of the energy sector. In addition, the government, as part of the approval process for the mixed company, has recently completed an extensive technical and economic due diligence review of the Brisas-Cristinas business plan proposed by the Company. 

The Attorney General of Venezuela, Reinaldo Munoz stated, “We have agreed to extend the MOU to allow additional time to finalize both agreements.”

Doug Belanger, President of Gold Reserve stated, “We believe that all the documentation related to the settlement and mixed company agreements are now substantially completed and that the signing of these agreements should take place in the very near future.”

Further information regarding the Company can be located at www.goldreserveinc.com, www.sec.gov and www.sedar.com.

 

Company Contact

A. Douglas Belanger, President

926 W. Sprague Ave., Suite 200

Spokane, WA 99201 USA

Tel. (509) 623-1500

Fax (509) 623-1634

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 the transactions contemplated by the Settlement Agreement and the development of the Brisas-Cristinas mining project. 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 Venezuela's ability to fund the contemplated payments to the Company pursuant to the arbitral award granted in favor of the Company and for its mining data, the anticipated capital costs of the Brisas-Cristinas mining project and the risk that the development of the Brisas-Cristinas mining project may not proceed as anticipated.

This list is not exhaustive of the factors that may affect any of Gold Reserve's forward looking statements. 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.”