Gold Reserve Prevails in ICC Arbitration Against BANDES
GOLD RESERVE INC A NEW (GDRZF)
NASDAQ:AMEX Investor Relations:
goldreserveinc.com
Company Research
Source: Business Wire
PEMBROKE, Bermuda--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that today it received notice that its affiliate, Gold Reserve Corporation, obtained a favorable Final Award in its pending international arbitration proceedings against Banco De Desarrollo Economico Y Social De Venezuela (“BANDES”), the state development bank of the Maduro regime. The arbitration was brought to recover amounts held in trust by BANDES for Gold Reserve. The arbitration tribunal awarded a total of $28,982,568.70, inclusive of pre-award interest, plus costs in the amount of €434,000 and post-award interest at the 12-month SOFR + 2% from date of the Final Award until full payment.The full terms of the final award are not subject to public release at present.Gold Reserve expects to attempt to recover the amounts awarded in the Final Award in its ongoing recognition and enforcement proceedings pending in the courts of Portugal, whic
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