Gold Reserve Announces Submission of Further Revised Topping Bid by Dalinar Energy for CITGO Parent Company
PEMBROKE, Bermuda--(BUSINESS WIRE)--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 further revised 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 submitted an initial topping bid on June 3, 2025 as announced here and a revised topping bid on June 18, 2025 as announced here.
Terms of the further revised bid will remain confidential until, at the earliest, the Special Master appointed to operate the sale process reviews all bids and makes his final recommendation to the Court by July 2, 2025. The Court is scheduled to hold a sale hearing starting on August 18, 2025, and in connection therewith rule on any objections to the Special Master's final recommendation.
Consummation of the further revised 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.
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 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 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 '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 approvals to close on the purchase of the PDVH shares, including but not limited to any necessary approvals from 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 www.sedarplus.ca.
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 the applicable Canadian provincial and territorial securities laws.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
Ever heard of Driver Inc.? Canada's trucking industry is calling it a $1B scam
The national voice of the trucking industry in Canada is renewing calls for the federal government to pump the brakes on what it says is a $1-billion scam. The scam, which the Canadian Trucking Alliance (CTA) has coined "Driver Inc.", occurs when companies incorrectly classify drivers as independent contractors, instead of employees to save money on payroll taxes. "We believe that in some parts of Canada at least a third of the companies and the drivers are participating in this, and it's hurting us twofold as a society," said Stephen Laskowski, CTA president and CEO. "Those are taxes that aren't going into our [economy], and on the flip side of it, it's about a 30 per cent advantage in the marketplace." Laskowski described Driver Inc. as a tax evasion scheme and says some trucking companies are purposely misclassifying drivers to save money. He says drivers also lose labour protections including fair pay, overtime and vacation pay, as well as health and safety protections. In 2021, the government made it illegal for federally regulated employers to misclassify employees, and added penalties for non-compliance. In a statement to CBC, Employment and Social Development Canada (ESDC) said that prohibition was strengthened in 2024 by placing the burden on employers to prove a worker is not an employee. However, Laskowski said more needs to be done, identifying Driver Inc. as the biggest current threat to the industry — including the ongoing Canada-U.S. trade war. "We have worked and pleaded with governments to address it, and the reality is they are starting to, but nowhere near to the level that needs to be done. Nowhere near," he said. Companies target newcomers Driver Karanveer Singh agrees there's a lack of enforcement against companies that break the law. Singh came to Canada from India's northern Punjab state as an international student when he was 18 years old. "I'm trying to chase the Canadian dream," he said. But Singh's journey took a detour shortly after he got his commercial trucking licence. He said the first two companies he worked for misclassified him as an incorporated driver, and also never paid him. Singh was able to prove to the Canadian Labour Board that he had been misclassified and the companies were ordered to pay what he was owed. While he was able to collect from one of the companies, Singh said it's unlikely he'll ever see the nearly $40,000 owed by the second company. "Until the government enforces it, it is useless," he said, referring to the court order. "These companies, they know what they are doing…. Most of the time they will find new immigrants, new truck drivers to target because they are so easy to target because every new immigrant is desperate for a job." A difficult problem Part of the CTA's solution involves lifting a moratorium on assessing penalties for failing to complete the fees for service box of the T4A tax slip. Laskowski said that would help the CRA identify and audit companies that rely heavily on incorporated drivers. However, it could also further slow an already sluggish system, according to Ottawa tax lawyer Dean Blachford. "With penalties comes disputes and penalty relief requests that clog up the system even if they are for small amounts," he explained in an email to CBC. "Meanwhile, the companies that are pushing the limits the most with Driver's Inc. still might not comply with the T4A requirement and instead take further evasive means (such as using shell companies) to creditor proof themselves from having to pay the penalty if CRA ever identifies them." In a statement to CBC, the CRA said it's working toward lifting the moratorium before enforcement commences. It also said the agency is not aware of the analysis underlying Laskowski's claim that Driver Inc. has resulted in about $1 billion in lost tax revenue, and "therefore cannot comment." Driving down business The owner of Kriska Transportation Group in Prescott, Ont., is also urging the federal government to act, saying the Driver Inc. model is driving companies that do comply with tax regulations out of business. The unfairness makes owner Mark Seymour's blood pressure rise. "It's widely known, it's not a dirty little secret. It's out of control," he said. Seymour has been in the business more than four decades, taking over Kriska from his late father in 1994. "I have competed as many of us have for many years based on price and service where price should be established from the same ground rules as everyone," he said. "That's paying appropriate taxes, treating people as employees and in the manner that the government would expect." Phil and Francie Langevin own P.A. Langevin Transport in Carleton Place, Ont., and say they, too, worry about the future. "There's so much wrong with this industry right now," Phil Langevin said, adding he suspects the companies that operate under the Driver Inc. model are so focused on profits that they also let safety standards slip. "These issues are falling through the cracks, and the next time you're driving on a highway with a transport truck beside you I want you to look at it and I want you to wonder how safe am I, really," Francie Langevin said. Singh said in his experience, that assessment is true. He recalled being trained by a very inexperienced driver who got them into trouble at the Port Huron border crossing. "He hit the concrete wall over there at the border, and I was so surprised. Like, this is supposed to be my trainer and he just like damaged the truck," Singh said. On his next trip, Singh said he was asked to be the trainer. "They did not [tell] me a single thing and just gave me a new training driver for me to train," he said. "They want their stuff delivered, they want their job done. "I think when these companies are allowed to operate, Canadians are not safe," he said. ESDC said it is taking action, recently entering into an information-sharing agreement with the CRA to help with enforcement and compliance. It also pointed to a dedicated team of inspectors focused exclusively on the road transportation industry across Canada. Since 2023, ESDC said the team has conducted about 540 inspections and held 320 education sessions across the country.
Hamilton Spectator
7 hours ago
- Hamilton Spectator
TransLink rides into the craft beer scene with the ‘Platform Pilsner,' a limited-edition brew made at Patina Brewing in Port Coquitlam
TransLink has officially boarded the craft beer train with the Platform Pilsner, a limited-edition Canadian brew created in collaboration with Patina Brewing Co. in Port Coquitlam. Unveiled at a press conference at Patina's brewery on Thursday, the TransLink-themed beer is being marketed as a distinctly Canadian craft pilsner, brewed with 100 percent Canadian ingredients and branded with a West Coast Express-inspired can design. 'This is a first for us,' said Anita Bathe, senior manager of media relations and issues management at TransLink. 'We partnered with Patina by sharing our branding and creative assets, and together we've brought to life the Platform Pilsner.' The purple-can design features rail-inspired graphics and nods to the regional transit system. Bathe said the collaboration is meant to reflect shared values between the brewery and the transit authority. Bathe emphasized the product's national identity. 'It was important that this beer not only tasted great, but that it also stood for something. That something is local pride, Canadian quality, and community connection,' she said. The Platform Pilsner will be available in four-packs at Patina Brewing and at select BC Liquor Stores across Metro Vancouver, just in time for the Canada Day long weekend. Only 1,500 packs have been produced, but Bathe did not rule out making more if Patina sells out. For Patina Brewing, the collaboration was a natural fit. 'We were super thrilled when TransLink reached out to us,' said Sarah Harbord, Patina's director of operations. 'We love doing collaborations. We love reaching out. We do a lot of volunteer fundraisers with other organizations. When TransLink called us, we absolutely said yes.' Head brewer Jose Rojas described the beer as Patina's own twist on a Canadian pilsner. 'We brew it nice and cold, we rest it nice and long, it's super crisp and clean, and we use some modern dry hopping techniques,' he said. 'It's not a regular lager, it's not a regular pilsner—it's a Canadian pilsner.' Rojas said the beer brings together ingredients from across the country. 'We have ingredients from Alberta, we have ingredients from Quebec, and we also have ingredients grown right here in B.C,' he said, adding the water is sourced from the Coquitlam watershed. When asked why a transit agency would venture into beer, Bathe pointed to TransLink's broader strategy to diversify its revenue streams. 'We're always looking for new ways to generate revenue that isn't from fares,' she said. 'We want it to be fun and creative and really connect to our local community, so this was the perfect fit at the right time.' Bathe added that TransLink is open to more product collaborations in the future: 'Everything that comes to the table will be looked at to make sure that it aligns with our brand and values. If there are ideas and local businesses want to collaborate, we will definitely look at what that could look like.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
CNBC
7 hours ago
- CNBC
Meta wins AI copyright case, but judge says others could bring lawsuits
Meta on Wednesday prevailed against a group of 13 authors in a major copyright case involving the company's Llama artificial intelligence model, but the judge made clear his ruling was limited to this case. U.S. District Judge Vince Chhabria sided with Meta's argument that the company's use of books to train its large language models, or LLMs, is protected under the fair use doctrine of U.S. copyright law. Lawyers representing the plaintiffs, including Sarah Silverman and Ta-Nehisi Coates, alleged that Meta violated the nation's copyright law because the company did not seek permission from the authors to use their books for the company's AI model, among other claims. Notably, Chhabria said that it "is generally illegal to copy protected works without permission," but in this case, the plaintiffs failed to present a compelling argument that Meta's use of books to train Llama caused "market harm." Chhabria wrote that the plaintiffs had put forward two flawed arguments for their case. "On this record Meta has defeated the plaintiffs' half-hearted argument that its copying causes or threatens significant market harm," Chhabria said. "That conclusion may be in significant tension with reality." Meta's practice of "copying the work for a transformative purpose" is protected by the fair use doctrine, the judge wrote. "We appreciate today's decision from the Court," a Meta spokesperson said in a statement. "Open-source AI models are powering transformative innovations, productivity and creativity for individuals and companies, and fair use of copyright material is a vital legal framework for building this transformative technology." Though there could be valid arguments that Meta's data training practice negatively impacts the book market, the plaintiffs did not adequately make their case, the judge wrote. Attorneys representing the plaintiffs did not respond to a request for comment. Still, Chhabria noted several flaws in Meta's defense, including the notion that the "public interest" would be "badly disserved" if the company and other businesses were prohibited "from using copyrighted text as training data without paying to do so." "Meta seems to imply that such a ruling would stop the development of LLMs and other generative AI technologies in its tracks," Chhabria wrote. "This is nonsense." The judge left the door open for other authors to bring similar AI-related copyright lawsuits against Meta, saying that "in the grand scheme of things, the consequences of this ruling are limited." "This is not a class action, so the ruling only affects the rights of these thirteen authors — not the countless others whose works Meta used to train its models," he wrote. "And, as should now be clear, this ruling does not stand for the proposition that Meta's use of copyrighted materials to train its language models is lawful." Additionally, Chhabria noted that there is still a pending, separate claim made by the plaintiffs alleging that Meta "may have illegally distributed their works (via torrenting)." Earlier this week, a federal judge ruled that Anthropic's use of books to train its AI model Claude was also "transformative," thus satisfying the fair use doctrine. Still, that judge said that Anthropic must face a trial over allegations that it downloaded millions of pirated books to train its AI systems."
