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

BELLEVUE, WA, Aug. 11, 2017 /CNW/ - Steelhead Partners, LLC ("Steelhead"), on behalf of Steelhead Navigator Master, L.P. ("Steelhead Navigator") announced today the conversion of US$5,083,966 principal amount of convertible debentures ("CDs") of Gold Reserve Inc. (the "Issuer") into 1,694,655 Class A common shares of the Issuer ("Shares").  The Issuer confirmed to Steelhead on August 10, 2017 that the CDs were converted into Shares, pursuant to their terms, on the election of Steelhead. Previously, Steelhead, on behalf of Steelhead Navigator, exercised control and direction over 7,249,918 Shares and US$6,946,497 principal amount of CDs, convertible into 2,315,499 Shares and, on behalf of another client account, exercised control and direction over an additional 1,555,351 Shares.  The remaining US$1,862,531 principal amount of CDs were redeemed for cash in accordance with their terms on August 10, 2017.  There are no further CDs of the Issuer outstanding.  

Following conversion of the CDs as described above, Steelhead, on behalf of Steelhead Navigator, exercises control and direction over 8,944,573 Shares.  Steelhead, on behalf of another client account, exercises control and direction over an additional 1,555,351 Shares.  The 8,944,573 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 10.77% of the current issued and outstanding Shares (assuming 97.5 million Shares currently outstanding as reported by the Issuer).

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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