Gold Reserve notes rival bid in CITGO sale process

An anonymous director reports GOLD RESERVE PROVIDES UPDATE ON CITGO SALE PROCESS Pursuant to the schedule set by the U.S. District Court for the District of Delaware, the special master provided a notice of determination of superior proposal to Gold Reserve Ltd. on Aug. 25, 2025. The notice refers to an unsolicited competing proposal submitted by Amber Energy Inc. to the special master on Aug. 22, 2025, that the special master determined constituted a superior proposal under the terms of the stock purchase agreement the company executed with the special master on June 25, 2025. The court has set an Aug. 27, 2025, deadline by which the company may file a motion to strike or otherwise object to the notice. Argument on any such motion will be heard by the court at the rescheduled sale hearing commencing Sept. 15, 2025. The notice refers to the Amber Energy bid including, in part, the following: "(ii) An additional amount of consideration that would be used (A) to satisfy a portion of the attached judgment of Gold Reserve Ltd., f/k/a Gold Reserve Inc., or (B) if Gold Reserve declines such proposed consideration, towards satisfaction of other additional judgment creditors as determined by the special master in consultation with Amber Energy or as otherwise directed by the court." The company cautions that this "additional amount of consideration" is, in the company's view, de minimis in comparison with the total value of the company's attached judgment and, as stated in the notice, may not result in the company recovering any amount on its attached judgment. The notice further states: "Please take further notice that, pursuant to Section 6.16(d) of the Dalinar SPA, the special master has determined in good faith that the Amber Aug. 22 bid constitutes a superior proposal (as defined in the Dalinar SPA) and has provided written notice of this determination, together with the required bid materials, to Dalinar. Pursuant to the scheduling order dated Aug. 22, 2025 (D.I. 2110), and Section 6.16(d) of the Dalinar SPA, Dalinar has three business days from receipt of such written notice ([that is], until Aug. 28, 2025) to submit to the special master any revisions to the Dalinar SPA and the transaction contemplated thereby, if Dalinar elects to do so, which revisions the special master will consider in good faith in accordance with the terms of the Dalinar SPA. " A copy of the special master's notice will be posted on-line. A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corp. v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (DDel) and its related proceedings. We seek Safe Harbor.