Snippets from the GRZ PR.
.... The Brisas and Cristinas properties, together with the technical data with respect to the Brisas project owned by Gold Reserve, would be transferred to a Venezuelan mixed company, which is expected to be beneficially owned 55% by Venezuela and 45% by Gold Reserve. The Company is also expected to be engaged under a technical assistance agreement to provide procurement, engineering and construction services for the project. The parties would also seek, subject to the approval of the National Executive Branch of the Venezuelan government, the creation of a Special Economic Zone providing the establishment of a special customs framework for the mixed company and other tax and economic benefits.......
..... After settlement of all of the Company's obligations, substantially all of the net proceeds of the payment related to the Award and technical mining data is expected to be distributed to our shareholders.”
So the shareholders get the money and the company is better than ever before with 45% of Brisas & Las Cristinas (more gold than they started with and higher average grade as EZ liked to constantly tell us) along with the Vz government bending over backwards to help... .
Of course there is the rider that the JV requires "the successful negotiation and execution of definitive agreements".............
