August 8, 2016 / 2:02 PM / in 2 years

BRIEF-Gold Reserve executes settlement agreement with Bolivarian Republic of Venezuela

Aug 8 (Reuters) - Gold Reserve Inc:

* Has executed a settlement agreement with Bolivarian Republic of Venezuela

* Venezuela has agreed to acquire company’s mining data for $240 million

* Agreement includes payment of arbitral award granted in favor of co in respect of Brisas project

* Mixed co board will be comprised of seven individuals, of which four will be appointed by venezuela and three by gold reserve

* Venezuela, co have entered into an agreement for formation of a jointly owned company

* Agreement includes payment from venezuela which amounts to us$769.7 million, including accrued interest up to Feb 24, in two installments

* Mixed company will be beneficially owned 55 pct by venezuela and 45 pct by a wholly-owned subsidiary of gold reserve

* Venezuela and co will work to complete financing to fund contemplated us$2.1 bln anticipated capital costs of Brisas Cristinas project Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below