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Gold Reserve Obtains Shareholder Approval and Final Order

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Enterprising Investor Member Level  Friday, 06/14/19 01:26:15 PM
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Gold Reserve Obtains Shareholder Approval and Final Order for Return of Capital Transaction (6/13/19)

SPOKANE, Wash.--(BUSINESS WIRE)--Gold Reserve Inc. (TSXV: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) is pleased to announce that, at the annual general and special meeting of holders (the “Shareholders”) of its Class A common shares (the “Class A Shares”) held today (the “Meeting”), Shareholders overwhelmingly voted in favour of the special resolution (the “Arrangement Resolution”) to approve the previously announced return of capital transaction by way of a plan of arrangement (the “Return of Capital Transaction”). Subject to the terms and conditions of the plan of arrangement, Shareholders will receive approximately US$75 million, or approximately US$0.76 per Class A Share.

The Arrangement Resolution required approval by at least two-thirds of the votes cast by Shareholders present in person or represented by proxy at the Meeting. The Arrangement Resolution was approved by approximately 99% of the votes cast by all of the Shareholders eligible to vote at the Meeting.

Gold Reserve also obtained today the final order of the Alberta Court of Queen’s Bench which was required to complete the Return of Capital Transaction. It is expected that the Return of Capital Transaction will be completed on June 14, 2019. Full details of the Return of Capital Transaction are described in the Company’s management proxy circular and other related materials. Those documents are available without charge on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and are posted on the Company’s website at www.goldreserveinc.com.

In addition to approval of the Arrangement Resolution, Shareholders also elected James H. Coleman, Rockne J. Timm, A. Douglas Belanger, James P. Geyer, Jean Charles Potvin, Robert A. Cohen and James Michael Johnston as directors of Gold Reserve to hold office until the next annual meeting or until their successors are duly elected or appointed, appointed PricewaterhouseCoopers LLP as auditors of the Company and received the audited financial statements of the Company for the year ended December 31, 2018.

Registered Shareholders are required to submit a letter of transmittal to Computershare Trust Company of Canada, the Company’s transfer agent, to receive the distribution payable pursuant to the Return of Capital Transaction. Non-registered Shareholders will have the distribution payable pursuant to the Return of Capital Transaction recorded in their accounts by their intermediaries and should contact their intermediaries with any questions about this process.

https://www.businesswire.com/news/home/20190613005785/en/Gold-Reserve-Obtains-Shareholder-Approval-Final-Order

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