Gold Reserve’s Dalinar Energy Bids for CITGO Parent Company

An announcement from Gold Reserve ( (TSE:GRZ) ) is now available.

Gold Reserve Ltd., through its subsidiary Dalinar Energy, has submitted a bid to become the Stalking Horse Bidder for the acquisition of shares in PDV Holding, Inc., the parent company of CITGO Petroleum Corp. This bid, if approved, will be financed through a mix of equity and debt, addressing the claims of senior creditors and a substantial portion of Gold Reserve’s own judgment. The proposal also allows junior creditors to participate by exchanging their claims for warrants in Gold Reserve. The outcome of the bid will depend on court approval and regulatory clearances, with a decision expected by the end of March 2025.

More about Gold Reserve

Gold Reserve Ltd. operates in the energy sector, focusing on investments and strategic acquisitions through its subsidiary, Dalinar Energy Corporation. The company is involved in the acquisition and management of energy assets, with a market focus that includes partnerships with significant industry players.

YTD Price Performance: 7.59%

Average Trading Volume: 79,654

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $194.3M

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