SPOKANE, WA, June 28, 2012 /CNW/ - Gold Reserve Inc. (TSX VENTURE:GRZ)
(NYSE-MKT:GRZ) (the "Company") announced today that the shareholders of
the Company overwhelmingly approved all items voted on at the Company's
Annual and Special Meeting held yesterday, including the restructuring
of the Company's 5.5% Senior Subordinated Convertible Notes due 2022
The five matters voted on at the meeting included the election of
Directors, appointment of the auditors, approval of the Equity
Incentive Plan, approval of the Amendment to the Shareholder Rights
Plan, and the restructuring of the Notes. 67.6% of the shares
outstanding voted at the meeting and all five matters were approved by
at least 95% of the vote with the restructuring of the Notes being
approved by over 99% of the vote.
Doug Belanger, President, stated, "We anticipate that the restructuring
will allow us to accomplish our objective of minimizing shareholder
dilution resulting in less than 73 million shares of common stock
outstanding or approximately 80 million on a fully diluted basis. We
are very pleased to have obtained the support of our shareholders and
noteholders for the debt restructuring. Upon the completion of the
restructuring we will continue to pursue our $2.1 billion arbitration
claim against the Bolivarian Republic of Venezuela for the
expropriation of the Company's Brisas project and other mining projects
to become an operating company."
For further information please refer directly to the Company's filings
at www.goldreserveinc.com, www.sedar.com or www.sec.gov.
"Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Gold Reserve Inc.
For further information:
A. Douglas Belanger
Gold Reserve Inc.