Gold Reserve Uncertain Amid CITGO Sale Process

Gold Reserve (TSE:GRZ) has released an update.

Gold Reserve Inc. updates on the stalled negotiations for the purchase of common shares of PDV Holdings, parent company of CITGO, with no current agreement reached. A Special Master has named Amber Energy Inc. as the Successful Bidder in the sale process, with a proposed CITGO enterprise value of up to $7.286 billion, subject to conditions including a pending injunction decision. The company expresses uncertainty about potential recovery and is exploring options ahead of a Delaware Court hearing on October 1, 2024.

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