Gold Reserve notes rival bid in CITGO sale process

Executive Summary

• Special master issued notice of a superior, unsolicited proposal from Amber Energy Inc. for the Citgo sale on Aug. 25 2025.
• Gold Reserve has until Aug. 27 2025 to file a motion to strike or object; any argument will be heard at the rescheduled sale hearing beginning Sept. 15 2025.
• The Amber Energy bid includes additional consideration aimed at satisfying part of Gold Reserve’s attached judgment, which the company views as de‑minimis and unlikely to provide meaningful recovery.

Key Details

• Notice of Superior Proposal: Special master determined Amber Energy’s Aug. 22, 2025 proposal is superior under the Dalinar Stock Purchase Agreement (SPA) executed June 25 2025.
• Deadline for Objection: Gold Reserve must file any motion to strike or object by Aug. 27 2025; hearing scheduled for Sept. 15 2025.
• Amber Energy Bid Terms (excerpt):
• “Additional amount of consideration” may be used to (A) satisfy a portion of Gold Reserve’s attached judgment, or (B) if declined, to satisfy other judgment creditors as directed by the court.
• Company Assessment: The additional consideration is considered de‑minimis relative to the total judgment value and may not result in any recovery for Gold Reserve.
• Dalinar SPA Provision: Section 6.16(d) gives Dalinar three business days (until Aug. 28 2025) to submit revisions to the SPA if it elects to do so; special master will consider such revisions in good faith.
• Public Access Information: Full details of the Delaware sale proceedings are available via PACER under Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17‑mc‑00151‑LPS (DDel).
• Safe Harbor Statement: The release includes a safe‑harbor notice regarding forward‑looking information.

Notable Quotes

No direct quotes from executives were provided in the release.