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Gold Reserve Announces Shareholder Distribution (3/08/19)

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Enterprising Investor Member Level  Friday, 03/08/19 09:05:25 AM
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Gold Reserve Announces Shareholder Distribution (3/08/19)

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) reports that it currently has a cash balance of $167 million (including $21.5 million held in Bandes Bank and from the sale of Venezuelan sovereign debt received in 2018) with current liabilities of approximately $3 million. The Board of Directors have decided to distribute to shareholders a minimum of $90 million with the final distribution amount and method (which may require shareholder and/or regulatory approvals) to be determined by the Board in the coming weeks.

In July 2016, we signed a Settlement Agreement, subsequently amended, whereby Venezuela agreed to pay the Company $1.032 billion to satisfy its ICSID Award (including interest) and to purchase our mining data related to the Brisas Project. The ICSID Award has been recognized in courts of the United States, France and Luxembourg and is not appealable by Venezuela.

The Company has received approximately $276 million under the terms of the Settlement Agreement with approximately $756 million remaining to be paid by Venezuela. Of the amount due, approximately $354 million is in arrears and if the Company determines an event of default, interest will accrue commencing July 2016 at Libor plus 2% on all unpaid amounts and the Company may recommence enforcement and collection of the Award.


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