Company Website:
http://www.goldreserveinc.com
SPOKANE, Wash. -- (Business Wire)
Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (the “Company” or “Gold
Reserve”) is pleased to announce the closing of the first tranche of
its previously announced non-brokered private placement (the “Private
Placement”). To date, the Company has issued an aggregate of
5,210,000 Class A Common Shares of the Company (the “Shares”)
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 (the “TSXV”) for the issuance of up to an
aggregate of 9,500,000 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.
Further information regarding the Company can be located at www.goldreserveinc.com,
www.sec.govand www.sedar.com.
*NOT FOR RELEASE IN THE UNITED STATES*
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning
of applicable U.S. federal securities laws and “forward-looking
information” within the meaning of applicable Canadian provincial and
territorial securities laws that state Gold Reserve's or its
management's intentions, hopes, beliefs, expectations or predictions for
the future, including statements related to the completion of the
balance of the Private Placement. In this release, forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management at this
time, are inherently subject to significant business, economic and
competitive uncertainties and contingencies.
We caution that such forward-looking statements involve known and
unknown risks, uncertainties and other risks that may cause the actual
outcomes, financial results, performance, or achievements of Gold
Reserve to be materially different from our estimated outcomes, future
results, performance or achievements expressed or implied by those
forward-looking statements.
Numerous factors could cause actual results to differ materially from
those in the forward-looking statements, including without limitation,
the fact that the Company may not be able to complete the sale of the
remaining Shares pursuant to the Private Placement, the Company and the
Bolivarian Republic of Venezuela (“Venezuela”) may not be able to
reach agreement on definitive documentation for the transactions
contemplated by the Memorandum of Understanding (the “MOU”) that
the parties entered into onFebruary 24, 2016, the transactions
contemplated by the MOU may otherwise not be completed, Venezuela may
not be able to obtain financing on favorable terms, if at all, to fund
the contemplated payments to the Company pursuant to the arbitral award
granted in favor of the Company by the International Centre for
Settlement of Investment Disputes in respect of the Brisas Project and
for its mining data and the anticipated capital costs of the
Brisas-Cristinas Project and the approval of the National Executive
Branch of the Venezuelan government to create a Special Economic zone or
otherwise provide tax and other economic benefits for the activities of
the mixed company contemplated by the MOU may not be obtained. Reference
is also made to the risk factors listed under the heading “Risk Factors”
in the Company’s Management's Discussion and Analysis for the fiscal
year ended December 31, 2015 filed on EDGAR and SEDAR, which risk
factors are incorporated by reference herein.
This list is not exhaustive of the factors that may affect any of
Gold Reserve's forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to Gold Reserve
or persons acting on its behalf are expressly qualified in their
entirety by this notice. Gold Reserve disclaims any intent or obligation
to update publicly or otherwise revise any forward-looking statements or
the foregoing list of assumptions or factors, whether as a result of new
information, future events or otherwise, subject to its disclosure
obligations under applicable rules promulgated by the United States
Securities and Exchange Commission and applicable Canadian provincial
and territorial securities legislation.
Neither the TSXV nor its Regulation Services Provider (as that term
is defined in policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
This release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the securities described herein,
nor shall there be any sale of these securities in any state in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state. The securities
have not been registered under the Securities Act of 1933 (the
“Securities Act”) or any state securities laws and may not be offered or
sold in the United States absent registration or an applicable exemption
from registration requirements of the Securities Act and applicable
state securities laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504006912/en/
Contacts:
Gold Reserve Inc.
A. Douglas Belanger, President
Tel.
509-623-1500
Fax 509-623-1634
Source: Gold Reserve Inc.
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