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PEMBROKE, Bermuda, December 12, 2024--(BUSINESS WIRE)--Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) ("Gold Reserve" or the "Company") announced that, at the annual general meeting of shareholders of the Company ("Shareholders") held December 12, 2024 (the "Meeting"), Robert A. Cohen, Paul Rivett, James Michael Johnston, Yves M. Gagnon, James P. Tunkey, David A. Knight and Jonathan Howes were elected to the board of directors of Gold Reserve (the "Board") to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed or their office is otherwise vacated.
In addition to the foregoing, the Shareholders approved the following matters at the Meeting:
| (i) | an ordinary resolution authorizing the Board, at any time between the date of the Meeting and the date of the Company’s subsequent annual general meeting, to appoint, at the Board's discretion and at its option, up to an additional three (3) directors to the Board without any further Shareholder approval; | ||
| (ii) | the Incentive Plan Resolution (as defined in and described in detail in the management information circular of the Company in connection with the Meeting dated as of November 14, 2024, available under the Company’s profile on SEDAR+ at www.sedarplus.com (the "Circular")), authorizing the increase in the maximum number of common shares of the Company, par value US$0.01 each ("Common Shares"), issuable under the Company’s 2012 Equity Incentive Plan (the "Plan") from 9,939,500 to 14,932,307, subject to the other terms and conditions of the Plan; | ||
| (iii) | the Conditional Options Resolution (as defined in and described in detail in the Circular), ratifying the grant of 2,500,000 conditional stock options at an exercise price of US$7.00 to Mr. Paul Rivett; and | ||
| (iv) | the appointment of CBIZ CPAs P.C. as the independent auditors of the Company until the close of the next annual general meeting, and the authorization of the Board to fix such auditors’ remuneration. |
In addition, at the Meeting, the audited consolidated financial statements of the Company for the year ended December 31, 2023 were duly laid before the Shareholders.
Following the Meeting, the Company appointed two additional and Bermuda-resident directors to the Board, namely Mr. George Thomas and Mr. William DeSilva.
In connection with the appointments of Mr. Thomas and Mr. DeSilva, as well as the election of Mr. Howes, as directors, the Company has granted to each such director 145,000 stock options (the "Options") under the Plan to purchase up to 145,000 Common Shares. Such grants amount to an aggregate of 435,000 Options to purchase up to 435,000 Common Shares, and were each made on December 12, 2024.