Gold Reserve submits improved bid for PDV Holding

Executive Summary

• Gold Reserve Ltd. has submitted an improved, confidential proposal to purchase the shares of PDV Holding Inc., the indirect parent of Citgo Petroleum.
• The revised bid includes a materially higher purchase price and additional financial support, enhancing the likelihood of winning the court‑supervised sale process.
• The special master must consider this enhanced offer before issuing an amended final recommendation on August 29, 2025.

Key Details

• Improved Proposal: Confidential terms; company confirms a material increase in purchase price and added financial backing.
• Non‑Economic Enhancements: Additional measures taken to increase bid certainty beyond price (e.g., stronger financing commitments, contractual assurances).
• Court Schedule: Special master to review the proposal in good faith and file an amended final recommendation by Aug 29, 2025, per U.S. District Court for the District of Delaware schedule.
• Reservation of Rights: Gold Reserve submits the proposal under reservation of rights, objecting to the special master’s notice of a superior proposal as invalid, pending a motion to strike.
• Reference Materials: Full procedural background available in public court records (Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17‑mc‑00151‑LPS).

Notable Quotes

(No direct quotes provided in the release.)