SPOKANE, WA, June 28, 2012 /CNW/ - Gold Reserve Inc. (TSX
VENTURE:GRZ) (NYSE-MKT:GRZ) (the "Company") announced today that
the shareholders of the Company overwhelmingly approved all items
voted on at the Company's Annual and Special Meeting held
yesterday, including the restructuring of the Company's 5.5% Senior
Subordinated Convertible Notes due 2022 (the "Notes").
The five matters voted on at the meeting included the election
of Directors, appointment of the auditors, approval of the Equity
Incentive Plan, approval of the Amendment to the Shareholder Rights
Plan, and the restructuring of the Notes. 67.6% of the shares
outstanding voted at the meeting and all five matters were approved
by at least 95% of the vote with the restructuring of the Notes
being approved by over 99% of the vote.
Doug Belanger, President, stated,
"We anticipate that the restructuring will allow us to accomplish
our objective of minimizing shareholder dilution resulting in less
than 73 million shares of common stock outstanding or approximately
80 million on a fully diluted basis. We are very pleased to
have obtained the support of our shareholders and noteholders for
the debt restructuring. Upon the completion of the restructuring we
will continue to pursue our $2.1
billion arbitration claim against the Bolivarian Republic of
Venezuela for the expropriation of
the Company's Brisas project and other mining projects to become an
operating company."
For further information please refer directly to the Company's
filings 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."
SOURCE Gold Reserve Inc.