Gold Reserve Inc. announced a brokered private placement of 7,317,073 Class A common shares at a price of $4.10 per share for the gross proceeds of $29,999,999.3 on a best-efforts basis on June 25, 2024. The number of common shares to be sold will be determined in the context of the market in conjunction with the marketing efforts and there can be no assurance as to completion of the Offering. The closing of the Offering is expected to occur on or about July 3, 2024 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

The company has granted Cantor Fitzgerald Canada Corporation an over-allotment option exercisable, in whole or in part, in the sole discretion of the Agent, to arrange for the purchase of up to an additional 20% of the number of common shares sold in the Offering at any time up to two days prior to the Offering closing date, on the same terms and conditions as the Offering. If exercised in full, the company would raise up to $36,000,000 in gross proceeds from the issuance of common shares. The common shares issuable to Canadian subscribers in connection with the Offering will be subject to a statutory hold period in Canada which will run for four months from the Offering closing date of the Offering.

In connection with the Offering, Cantor Fitzgerald Canada Corporation will receive a commission equal to 6% of the gross proceeds from the sale of the common shares subject to certain exceptions at the Offering closing date.