Gold Reserve Announces Expiration & Final Results of Offer & Notice of Right of Repurchase for 5.50% Senior Subordinated Conv...
21 Juin 2012 - 8:07PM
Business Wire
Gold Reserve Inc. (TSX VENTURE:GRZ) (NYSE-MKT:GRZ) (the
“Company”) announced today the expiration and final results of its
previously announced offer regarding the Notice of Right of
Repurchase for its 5.50% Senior Subordinated Convertible Notes due
2022 (the “Notes”), which offer expired at 5:00 p.m., New York
City time, on June 15, 2012.
As required by the Indenture (the “Indenture”), dated May 18,
2007, by and among the Company and The Bank of New York Mellon, as
successor in interest to The Bank of New York, as Trustee
(“Trustee”) and the Co-Trustee named therein, the Company offered
(the “Offer”) to each holder of the Notes (“Holder”) the right to
sell (the “Put Option”), upon the terms and subject to the
conditions set forth in the Indenture, the Notes, for cash, to the
Company. At the time of the Offer, an aggregate of $102,347,000 in
principal amount of Notes were outstanding.
The paying agent for the Offer has advised the Company that as
of the expiration of the Put Option, $18,036,000 in principal
amount of outstanding Notes have been validly tendered and not
validly withdrawn. In accordance with the terms of the Offer, the
Company has accepted all of the tendered Notes that were not
validly withdrawn for payment of cash equal to the outstanding
principal amount, plus accrued and unpaid interest up to, but not
including, June 15, 2012.
Pursuant to its previously announced agreement with three
Holders (the “Large Noteholders”) of approximately $77,187,000 in
principal amount of Notes remaining outstanding after the
expiration of the Offer, the Company intends to restructure the
Notes held by such Holders (“Restructuring”) and offer to Holders
of the remaining outstanding Notes an opportunity to participate in
the Restructuring as soon as reasonably practicable but no sooner
than 10 business days after the expiration of the Offer, subject to
applicable legal requirements and compliance with the terms of the
Indenture.
Following completion of the Restructuring transactions, the
Company intends to redeem all Notes that have not been repurchased
pursuant to the Put Option or restructured pursuant to the
Restructuring as soon as practicable, subject to applicable legal
requirements and compliance with the terms of the Indenture.
For further information please refer directly to the Schedule TO
Amendment No. 3 and all other related filings for further details
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."
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