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Gold Reserve closes concurrent US$183.3 million cross-border public offerings

Fasken
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Gold Reserve

On May 18, 2007, Gold Reserve Inc. announced that it had closed its previously announced concurrent cross-border public offerings of US$90 million aggregate principal amount of its 5.50% Senior Subordinated Convertible Notes due 2022 and 12,800,000 Class A common shares at US$5.80 per share for gross proceeds to Gold Reserve of US$164.2 million. On May 23, the underwriters exercised over-allotment options and will purchase an additional US$13.5 million principal amount of Convertible Notes and 962,300 Common Shares at US$5.80 per share for US$5.6 million resulting in total gross proceeds of US$183.3 million. J.P. Morgan Securities Inc. and RBC Capital Markets acted as joint book running managers for the offerings with Cormark Securities Inc. acting as co-manager. Gold Reserve intends to use the net proceeds from the offerings to fund construction activities, equipment purchases and ongoing development of its Brisas project. Gold Reserve was advised in these transactions by Fasken Martineau with a team comprised of Chuck Higgins, Georges Dubé, Martin Fisher-Haydis, Benjamin Lee, Ron Nobrega (tax), and students-at-law Jeff Hergott and Jennifer Sloan.

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