Steelhead Partners, LLC Announces Conversion of Convertible Notes of Gold Reserve Inc.

BELLEVUE, WA, July 18, 2017 /CNW/ - Steelhead Partners, LLC ("Steelhead"), on behalf of Steelhead Navigator Master, L.P. ("Steelhead Navigator") announced today the conversion of US$4,420,705 principal amount of convertible debentures ("CDs") of Gold Reserve Inc. (the "Issuer") into 1,473,568 Class A common shares of the Issuer ("Shares"). The Issuer confirmed to Steelhead on July 18, 2017 that the CDs were converted into Shares, pursuant to their terms, on the election of Steelhead to convert on July 12, 2017. Previously, Steelhead, on behalf of Steelhead Navigator, exercised control and direction over 5,776,350 Shares and US$12,986,744 principal amount of CDs, convertible into 4,328,915 Shares and, on behalf of another client account, exercised control and direction over an additional 1,555,351 Shares. 

Following conversion of the CDs as described above, Steelhead, on behalf of Steelhead Navigator, exercises control and direction over 7,249,918 Shares and US$6,946,497 principal amount of CDs convertible into 2,315,499 Shares.  Steelhead, on behalf of another client account, exercises control and direction over an additional 1,555,351 Shares.  The 7,249,918 Shares controlled on behalf of Steelhead Navigator together with the 1,555,351 Shares controlled on behalf of the other client account represent in aggregate 9.54% of the current issued and outstanding Shares (assuming 92.3 million Shares currently outstanding as reported by the Issuer), and assuming the conversion of the CDs, Steelhead would exercise control and direction over 11.75% of the issued and outstanding Shares (taking into account the conversion Shares as part of the total outstanding).

Steelhead, on behalf of Steelhead Navigator, holds a contingent value right entitling Steelhead to, among other rights, 3.506% of proceeds received by the Issuer, net of certain deductions, with respect to an arbitration award and a mining data sale, as further described in its report filed on January 2, 2013, which is available under the Issuer's profile at www.sedar.com.

A report on Form 62-103F1 - Required Disclosure under the Early Warning Requirements is being filed by Steelhead in accordance with applicable securities laws and will be available under the Issuer's profile at www.sedar.com.

SOURCE Steelhead Partners, LLC

For further information: Brent Binge, Steelhead Partners, LLC, Tel: 425.974.3788


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