The Dubai of the Caribbean: Guyana's growing pains
Guyana never had an oil industry — until now. And the rapid transformation is creating opportunities, but also concerns for the country's future. Kyle Bakx breaks down the fears about growing too much, too fast.
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Globe and Mail
3 days ago
- Globe and Mail
Gold Reserve Provides Update on CITGO Sale Process Schedule
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (' Gold Reserve ' or the ' Company ') announces that today it submitted a response to the request made by the Venezuela Parties to adjourn the date of the Sale Hearing from July 22, 2025 to the week commencing September 2, 2025. In its response, the Company stated that while it agreed a short extension of the Sale Hearing date was justified, a three-week extension, to the week commencing August 11, 2025, was sufficient, rather than the six-week extension requested by the Venezuela Parties. The Company's response was joined by Koch Minerals Sarl and Koch Nitrogen International Sarl. At the Sale Hearing, the U.S. District Court for the District of Delaware (the ' Court ') will consider the Final Recommended Bid for the purchase of the shares of PDV Holding, Inc. (' PDVH '), the indirect parent company of CITGO Petroleum Corp., and any objections thereto. The Company's Delaware subsidiary, Dalinar Energy Corporation (' Dalinar Energy '), submitted a topping bid to be selected as final bidder on June 3, 2025, as previously announced here. The deadline for submission of topping bids is June 18, 2025, and the Special Master appointed by the Court to oversee the sale process is scheduled to make his Final Recommendation by June 27, 2025. 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. Cautionary Statement Regarding Forward-Looking statements This release contains 'forward-looking statements' within the meaning of applicable U.S. federal securities laws and 'forward-looking information' within the meaning of applicable Canadian provincial and territorial securities laws and state Gold Reserve's and its management's intentions, hopes, beliefs, expectations or predictions for the future. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements contained in this press release include, but are not limited to, statements relating to any bid submitted by the Company for the purchase of the PDVH shares (the 'Bid'). We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause the actual events, outcomes or results of Gold Reserve to be materially different from our estimated outcomes, results, performance, or achievements expressed or implied by those forward-looking statements, including but not limited to: the discretion of the Special Master to consider the Bid, to enter into any discussions or negotiation with respect thereto and that the Special Master may reject the Bid at any time; the Special Master may choose not to recommend a Base Bid or Final Bid to the Court; the failure of the Company to negotiate the Bid, including as a result of failing to obtain sufficient equity and/or debt financing; that Bid submitted by the Company will not be selected as the 'Base Bid' or the 'Final Recommend Bid' under the Bidding Procedures, and if selected may not close due to the Sale Process not being completed, including as a result of not obtaining necessary regulatory approval to close on the purchase of the PDVH shares, including but not limited to any necessary approvals from the U.S. Office of Foreign Asset Control ('OFAC'), the U.S. Committee on Foreign Investment in the United States, the U.S. Federal Trade Commission or the TSX Venture Exchange; failure of the Company or any other party to obtain any required shareholders approvals for, or satisfy other conditions to effect, any transaction resulting from the Bid; that the Company forfeit any cash amount deposit made due to failing to complete the Bid or otherwise; that the making of the Bid or any transaction resulting therefrom may involve unexpected costs, liabilities or delays; that, prior to or as a result of the completion of any transaction contemplated by the Bid, the business of the Company may experience significant disruptions due to transaction related uncertainty, industry conditions, tariff wars or other factors; the ability to enforce the writ of attachment granted to the Company; the timing set for various reports and/or other matters with respect to the Sale Process may not be met; the ability of the Company to otherwise participate in the Sale Process (and related costs associated therewith); the amount, if any, of proceeds associated with the Sale Process; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on such creditors' judgements and any priority afforded thereto; uncertainties with respect to possible settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the Sale Process; and the proceeds from the Sale Process may not be sufficient to satisfy the amounts outstanding under the Company's September 2014 arbitral award and/or corresponding November 15, 2015 U.S. judgement in full; and the ramifications of bankruptcy with respect to the Sale Process and/or the Company's claims, including as a result of the priority of other claims. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. For a more detailed discussion of the risk factors affecting the Company's business, see the Company's Management's Discussion & Analysis for the year ended December 31, 2024 and other reports that have been filed on SEDAR+ and are available under the Company's profile at Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, subject to its disclosure obligations under applicable rules promulgated by applicable Canadian provincial and territorial securities laws.
National Post
3 days ago
- National Post
Armacell Announces New Vice President of AMERICAS Business
Article content John Ross Turner appointed Vice President AMERICAS Role drives value creation across Advanced Insulation and Component Foams through growth, performance, innovation, teamwork and the acceleration of the development of Armacell in Energy and Industry Article content CHAPEL HILL, N.C. — Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, today announced the appointment of John Ross Turner as Vice President AMERICAS. He is based at Chapel Hill, NC regional headquarters and joins Armacell's Executive Management Team. Article content In this role, Turner will drive value creation across Advanced Insulation and Component Foams through growth, performance, innovation, teamwork, and the acceleration of the development of Armacell in Energy and Industry. Article content John Ross, also known as 'JR', will drive Armacell's performance and growth across North and South America in Advanced Insulation and Component Foams and accelerate the development in Energy and Industry. He brings over seven years of experience from Chargeurs Group – Novacel, where he most recently served as Managing Director Americas. His earlier career includes key leadership roles at Avery Dennison, including Plant Manager and positions in Global Supply Chain Management. He holds a Bachelor of Science in Business Administration from the University of Tennessee, with a concentration in Supply Chain Management. His expertise spans component foam strategy, safety management, procurement, digitalization and engineering projects, and operational excellence programs. Article content 'We are excited for JR to join the Armacell team,' Article content said Laurent Musy, Armacell's President and CEO. Article content 'He brings comprehensive experience in manufacturing, supply chain, commercial, and general management—skills that align perfectly with the needs of our AMERICAS region. We are confident he will help drive value creation through growth, performance, innovation and teamwork.' Article content 'Armacell is a global market leader in providing energy efficient solutions. Known for its strong track record of innovation, commitment to quality, and focus on sustainability, it's a very attractive organization to be a part of,' Article content said John Ross. Article content 'I look forward to partnering with our talented team to reach the next level of performance across the AMERICAS region, maximize synergies, agility and drive even faster execution for our customers, employees and shareholders.' Article content In his new role, John Ross Turner will lead one of the world's most dynamic markets for flexible mechanical insulation, supporting energy efficiency across commercial, residential, industrial, OEM and energy sectors. North America also serves as a hub for Armacell's specialty foam production for foam components. The company operates six manufacturing facilities in the AMERICAS: four in the United States, one in Canada, and one in Brazil. Article content © Armacell, 2025. All rights reserved. Article content ABOUT ARMACELL Article content As the inventor of flexible foam for equipment insulation and a leading provider of engineered foams, Armacell develops innovative and safe thermal and mechanical insulation solutions that create sustainable value for its customers. Armacell's products significantly contribute to driving energy efficiency worldwide. With more than 3,300 employees and 25 production plants in 20 countries, Armacell operates two main businesses, Advanced Insulation and Engineered Foams. Armacell focuses on insulation materials for technical equipment, high-performance foams for acoustic and lightweight applications, recycled PET products, next-generation aerogel technology and passive fire protection systems. Armacell in the AMERICAS has four plants in the United States, one in Canada, and one in Brazil, with its regional headquarters in Chapel Hill, North Carolina. Article content Article content Article content Article content Contacts Article content Article content Article content
Globe and Mail
3 days ago
- Globe and Mail
Royal Ontario Museum CEO Josh Basseches to depart at end of 2025, no successor named
The Royal Ontario Museum's chief executive officer Josh Basseches will leave his post later this year after nearly a decade. Canada's most-visited museum is in the midst of a $130-million transformation billed as OpenROM. Launched under Basseches's watch, it's intended to reimagine much of the ROM's main floor, redesign its Bloor Street West entrance and add 6,000 square feet of new gallery space. Basseches announced his departure from the culture, natural-history and art museum Thursday morning. He will remain in the role until the end of 2025. The museum did not announce a successor, but in a press release, said that its board of trustees would immediately start searching for a replacement. 'With the museum well-positioned for its next chapter, this feels like the right moment for me to head towards new challenges and seize new opportunities,' Basseches said in the release. Postmedia CEO Andrew MacLeod, who was recently appointed as the ROM board of trustees' chair, said in a statement that the search for a new ROM chief would 'be informed and inspired by the impressive trajectory' Basseches set for the museum. Like many cultural institutions, the ROM has spent the past five years reckoning with an unpredictable economic environment: revenue-shattering pandemic lockdowns followed by surging inflation and interest rates. While the province of Ontario has provided 'stabilization' grants since Covid-19 first struck in 2020, its baseline operating grant for the museum has hovered around $27.3-million for more than a decade.
