Gold Reserve Says Delivered Improved Proposal in Citgo Process

Gold Reserve said it delivered an improved proposal for the purchase of Citgo Petroleum, according to an emailed statement.

• Though the terms of the improved proposal are confidential, the company “materially increased its proposed purchase price, arranged for additional financial support, and increased the certainty of its bid in non-economic ways,” according to the statement
• Special Master must consider the improved proposal in good faith before filing an amended Final Recommendation on August 29, Gold Reserve said
• Improved proposal was submitted under a reservation of rights related to its objection that the Special Master’s Notice of Determination of Superior Proposal ...