Mr. A. Douglas Belanger reports
GOLD RESERVE CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Gold Reserve Inc. has closed the first tranche of
its previously announced non-brokered private placement. To date, the company has issued an aggregate of
5.21 million Class A common shares of the company at a price of $4 (U.S.) per share for proceeds in the amount of $20.84-million (U.S.). The company has received conditional approval from the TSX
Venture Exchange for the issuance of up to an
aggregate of 9.5 million shares and has been granted an extension until
May 15, 2016, to complete the sale of the remaining shares pursuant to
the private placement. The proceeds will be used by the company for
general working capital purposes.
No commission or finder's fee was paid in connection with the shares
issued to date pursuant to the private placement. Such shares were
offered pursuant to exemptions from the prospectus requirements of
applicable securities legislation and will be subject to a hold period
in Canada of four months and a day from their date of issuance.
We seek Safe Harbor.
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