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Gold Reserve has engaged Cantor Fitzgerald Canada to undertake a private placement of Class A common shares at $4.10 per share for anticipated gross proceeds of up to $30 million.
Earlier this month, Gold Reserve said it had placed a bid for PDVH as part of a US federal court auction to pay off Citgo’s creditors. These include the gold miner itself as well as Canadian miners Rusoro and Crystallex. The latter was the first to bring up the case with the state of Delaware. Together, the group of 18 creditors is seeking as much as $21.3 billion in arbitration rewards for past expropriations and debt defaults in Venezuela dating back to the Hugo Chavez regime.
Meanwhile the Citgo sale process kicked off in January, but the first round of bids fell short of Citgo’s valuation of $11 billion-$13 billion. Bids have already been placed in the second round of auctions, for which the deadline is set for July 15.
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