CITGO Sale Hearing Date Rescheduled to August 18, 2025
The Court did not change the existing June 18, 2025 deadline for the submission of topping bids or the June 27, 2025 deadline for Final Recommendation by the Special Master appointed by the Court to oversee the sale process. At the Sale Hearing, 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, and supported an extension of the sale hearing date, as previously announced here.
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 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 applicable Canadian provincial and territorial securities laws.
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In the wake of the raids at Glass House, the United Farm Workers union issued a bulletin in English and Spanish warning anyone who is not a U.S. citizen to 'avoid working in the cannabis industry, even at state-licensed operations.' The union noted that 'because cannabis remains criminalized under federal law, any contact with federal agencies could have serious consequences even for people with legal status.' TODEC Legal Center, a Coachella Valley-based group that supports immigrants and farmworkers, issued a similar message. TODEC warned noncitizens to avoid working in the marijuana industry and avoid discussing any marijuana use or possession — even if it is legal in California — with federal agents, because it could hurt their status. About half the farmworkers in California are undocumented, according to UC Merced researchers. Cannabis industry experts said it is too soon to know whether the raid on Glass House will affect the larger cannabis workforce — or whether more licensed cannabis operations will be raided. 'My best guest would be that this is going to be happening to a lot more cultivation farms,' said Meilad Rafiei, chief executive of the cannabis consulting group We Cann. Among the undocumented workers at Glass House on the day of the raids was Alanís, 56, who had been a farmworker in California for three decades. Over the last 10 years, Alanís worked in the Ventura area, first in a flower nursery and then, once Glass House converted the massive greenhouse complex there, in cannabis. On Monday night, his family held an emotional wake for him in Oxnard, where he lived. The Camino del Sol Funeral Home was filled, as many family members held one another tightly and cried. They remembered him as a hardworking, joyful man, who danced at parties and enjoyed every meal he shared with family. State Sen. Monique Limón (D-Goleta), who led the Senate in adjourning in Alanís' memory last week, told the chamber how he had climbed onto the roof of a greenhouse to escape federal officers. From 30 feet up, she said, he called his family to tell them what was happening, and to report 'how scared he was.' 'Jaime's life was dedicated to our lands, our crops, and to providing for his family,' Limón said, adding that he 'had had no criminal record, he was who our country and our state depended on to provide food on all of our tables.' She added that 'his last moments on Earth were filled with terror.'
