PRESS RELEASE FROM BUSINESS WIRE
Gold Reserve Receives First Payment From Venezuela
Friday, June 16, 2017
Gold Reserve Receives First Payment from Venezuela
14:01 EDT Friday, June 16, 2017
SPOKANE, Wash. (Business Wire) -- Gold Reserve Inc. (TSX.V: GRZ) (OTC: GDRZF) (“Gold Reserve” or the “Company”) today reported that it has entered into a further amendment to the settlement agreement (the “Settlement Agreement”) previously entered into with the Bolivarian Republic of Venezuela (“Venezuela”).
Under the terms of the amended Settlement Agreement, Venezuela will pay Gold Reserve a total of approximately US$1,032,000,000 as result of negotiations of the parties to satisfy the arbitral award granted in favor of the Company by the International Centre for Settlement Investment Disputes (the “Award”), including the price agreed for the mining data related to the Brisas property.
Venezuela has paid Gold Reserve an initial installment of US$40,000,000 and will pay the balance of the amount owing in installments (the “Installments”) over approximately the next two years. The amended Settlement Agreement contemplates that Venezuela's obligations thereunder will be partially collateralized with Venezuelan sovereign debt.
