Followers | 240 |
Posts | 12044 |
Boards Moderated | 1 |
Alias Born | 04/05/2009 |
Friday, November 04, 2016 6:59:21 PM
SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V: GRZ) (OTCQB: GDRZF) (“Gold Reserve” or the “Company”) today reported that it has entered into an amendment to the settlement agreement (the “Settlement Agreement”) previously entered into with the Bolivarian Republic of Venezuela (“Venezuela”) and has together with Venezuela taken steps to establish the mixed (joint venture) company Empresa Mixta Ecosocialista Siembra Minera, S.A. that will develop the Brisas-Cristinas gold copper project in Southeastern Venezuela.
Under the terms of the original Settlement Agreement, Venezuela was to pay Gold Reserve US$600,000,000 on or before October 31, 2016 and US$169,681,823 on or before December 31, 2016 to satisfy of the arbitral award granted in favor of the Company by the International Centre for Settlement of Investment Disputes and Venezuela also agreed to pay the Company an aggregate of US$240,000,000 for its technical mining data related to the Brisas property in instalments, with the last instalment to be paid on or before October 31, 2017.
The parties have agreed to a revised payment schedule under which Venezuela will make a first payment of US$300,000,000 on or before November 30, 2016, a second payment of US$469,681,823 on or before January 3, 2017, a third payment of US$50,000,000 on or before January 31, 2017, a fourth payment of US$100,000,000 on or before February 28, 2017 and a final payment of $90,000,000 on or before June 30, 2017. The aggregate payments to be made by Venezuela have not changed and the payments will be completed seven months earlier than originally contemplated.
On October 28, 2016 Gold Reserve and representatives of Venezuela also convened the first meeting of the Board of Directors of the mixed company, of which Gold Reserve owns 45% and Venezuela owns 55%, to immediately initiate the development plan of the mine activities needed to commence construction as soon as possible.
The Company’s executive team, led by Rockne Timm, Douglas Belanger and James H. Coleman, has been in Caracas working with their counterparts in the Venezuela government to conclude an agreement that was a “win” for both parties. Mr. Timm said, “The many days and months of meetings have resulted in an agreement that positions the parties to move forward and build a major class gold property that will benefit both Gold Reserve shareholders and the people of Venezuela. I am proud to have been part of this historic transaction.”
Further information regarding the Company can be located at www.goldreserveinc.com, www.sec.gov, and www.sedar.com.
http://www.businesswire.com/news/home/20161104005904/en/Gold-Reserve-Enters-Amendment-Settlement-Agreement-Venezuela
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent GDRZF News
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 02/27/2024 06:48:40 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/13/2024 09:28:48 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/09/2024 06:27:11 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/05/2024 09:57:18 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/19/2023 09:28:43 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/18/2023 10:24:47 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/29/2023 07:19:32 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/27/2023 08:59:49 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/27/2023 07:23:22 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/20/2023 08:23:48 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 11/17/2023 09:15:31 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/16/2023 09:45:38 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/27/2023 05:29:13 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/17/2023 03:48:41 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/28/2023 04:22:57 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 07/27/2023 08:16:28 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 07/27/2023 05:58:46 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/11/2023 08:07:50 PM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM