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Gold Reserve Announces Topping Bid by Dalinar Energy for CITGO Parent Company
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that today its Delaware subsidiary, Dalinar Energy Corporation (“Dalinar Energy”), submitted a topping bid to be selected as the Final Recommended Bid for the purchase of the shares of PDV Holding, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp., pursuant to the sales process being conducted by the U.S. District Court for the District of Delaware (the “Court”).
Dalinar Energy’s bid was prepared in light of the terms of the Court’s April 21, 2025 order approving the Court’s recommendation of a stalking horse bidder, and the Court’s May 30, 2025 order extending the topping period to June 18, 2025. Dalinar Energy looks forward to working with the Special Master appointed by the Court to operate the sale process, and Dalinar Energy may revise its bid in advance of the June 18, 2025 expiration of the Topping Period.
Dalinar Energy’s bid is supported by a consortium that, as with its prior stalking horse bid, includes judgment creditors senior to Gold Reserve in the Court’s priority waterfall -- Rusoro Mining Ltd., Koch Minerals Sarl and Koch Nitrogen International Sarl.
Dalinar Energy’s bid relies on a combination of equity and debt financing. The bid is supported by a lending consortium that includes three leading financial institutions, which fully supported the bid by providing final debt commitment papers indicating 100% commitment.
The bid, if approved by the Court, and consummated, would satisfy, in cash or non-cash consideration, the attached judgments of all waterfall creditors senior to Gold Reserve. The bid also would satisfy a substantial percentage of Gold Reserve’s attached judgment.
Terms of the bid will remain confidential until the Special Master appointed to operate the sale process reviews all bids and makes a final recommendation to the Court, which is due by June 27, 2025. The Court is scheduled to hold a sale hearing starting on July 22, 2025, and in connection therewith rule on any objections to the Special Master’s final recommendation.
Consummation of the bid, if selected and approved by the court, is subject to closing conditions and regulatory approvals, including but not limited to approval by the U.S. Department of Treasury’ s Office of Foreign Assets Control (“OFAC”).
A complete description of the Delaware sale proceedings can be found on the Public Access to Court Electronic Records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and its related proceedings.
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