Replies to post #166 on Gold Reserve Inc. (GDRZF)

[Enterprising Investor]

Announcement of capital raise fails to spook investors.

[Enterprising Investor]

Gold Reserve Closes First Tranche of Private Placement (5/04/16)

Gold Reserve Inc. closed the first tranche of its previously announced non-brokered private placement. To date, 5,210,000 Class A Common Shares have been issued at a price of US $4.00 per share for proceeds in the amount of US $20,840,000. The Company has received conditional approval from the TSX Venture Exchange for the issuance of up to an aggregate of 9,500,000 Shares and has been granted an extension until 5/15/16 to complete the sale of the remaining shares pursuant to the Private Placement. Proceeds will be used for general working capital purposes.

http://www.sec.gov/Archives/edgar/data/1072725/000107272516000085/gdrzfform6kexhibit991050516.htm