Gold Reserve Closes First Tranche of Private Placement
*NOT FOR RELEASE IN THE UNITED STATES*
SPOKANE, WASHINGTON, May 4, 2016
Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (the “Company” or “Gold Reserve”) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the “Private Placement”). To date, the Company has issued an aggregate of 5,210,000 Class A Common Shares of the Company (the “Shares”) at a price of US $4.00 per share for proceeds in the amount of US $20,840,000. The Company has received conditional approval from the TSX Venture Exchange (the “TSXV”) for the issuance of up to an aggregate of 9,500,000 Shares and has been granted an extension until May 15, 2016 to complete the sale of the remaining Shares pursuant to the Private Placement. The proceeds will be used by the Company for general working capital purposes.
No commission or finder’s fee was paid in connection with the Shares issued to date pursuant to the Private Placement. Such Shares were offered pursuant to exemptions from the prospectus requirements of applicable securities legislation and will be subject to a hold period in Canada of four months and a day from their date of issuance.
Further information regarding the Company can be located at www.goldreserveinc.com, www.sec.gov and www.sedar.com.
Company Contact
A. Douglas Belanger, President
926 W. Sprague Ave., Suite 200
Spokane, WA 99201 USA
Tel. (509) 623-1500
Fax (509) 623-1634
