GOLD RESERVE LTD
18 story beats from 2003 to 2025
The story so far
The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.
shares on issue market cap (log scale)
202599.5m shares · C$224m market cap
- 30 Jan
GOLD RESERVE LTD suspended its duty to file periodic reports with the SEC.
listing compliance notice
99.5m shC$224m
201372.5m shares · C$210m market cap
- 3 Apr
GOLD RESERVE LTD's exchange filed to remove a class of its securities from listing.
listing compliance notice
72.5m shC$210m
201158.8m shares · C$136m market cap
- 19 Aug
The exchange's appeals panel sent Gold Reserve's delisting case back to staff instead of upholding it, so the stock stays listed for now while the company prepares a plan, due September 15, 2011, showing how it will become an operating company again.
listing compliance notice
58.8m shC$136m - 21 June
NYSE Amex moved to delist Gold Reserve, arguing that after Venezuela seized its Brisas gold project the company no longer qualifies as an operating business under exchange listing standards. Gold Reserve is appealing the decision.
listing compliance notice
58.8m shC$102m
2009
- 18 Feb
Rusoro's final amendment formally closing out its tender offer statement, confirming the bid expired unsuccessfully on February 18, 2009 after being withdrawn -- ending the four-month hostile takeover attempt with Gold Reserve independent.
business combination
- 10 Feb
Rusoro withdrew its takeover bid after the Ontario court ruling made the offer's conditions impossible to satisfy, mooting the OSC's planned hearing on Gold Reserve's poison pill.
merger communication
- 10 Feb
The Ontario Superior Court granted Gold Reserve an injunction blocking Rusoro's bid until trial, finding Rusoro had accessed or benefited from Gold Reserve's confidential information through Endeavour Financial; the court ordered Rusoro and Endeavour to return that information.
merger communication
- 2 Feb
Rusoro escalated by applying to the Ontario Securities Commission to force Gold Reserve's poison pill off the table so its bid could proceed.
merger communication
- 20 Jan
Gold Reserve reported that less than 3% of its shares had been tendered into Rusoro's bid despite the extension -- evidence the board's rejection recommendation was holding.
merger communication
- 14 Jan
Gold Reserve said it had no communication from Venezuela's government about reports of a Rusoro/Venezuela joint venture ("VENRUS") to jointly develop the Brisas deposit, and noted Rusoro had disclosed no such deal publicly -- an early sign of the political risk around Brisas that would culminate in Venezuela's 2009 seizure of the project.
merger communication
2008
- 31 Dec
Gold Reserve filed its injunction motion in Ontario Superior Court to block Rusoro's bid and separately extended the deadline before its poison pill's rights would separate from its shares.
merger communication
- 30 Dec
Gold Reserve's board unanimously recommended shareholders reject Rusoro's offer as inadequate compensation for the Brisas project and the company's cash.
business combination
- 24 Dec
Gold Reserve's board amended its shareholder rights plan (poison pill) to broaden what counts as a Permitted Bid and formed an independent committee -- a defensive move against Rusoro's unsolicited bid.
merger communication
- 16 Dec
Gold Reserve sued Rusoro and Endeavour Financial in Ontario Superior Court, seeking an injunction to stop the bid and damages, over Endeavour's conflicted dual role as advisor to both companies.
merger communication
- 15 Dec
Rusoro Mining Ltd. launched an unsolicited exchange offer to buy Gold Reserve for 3 Rusoro shares per Gold Reserve share (about $67 million total). Gold Reserve hired bankers and lawyers and flagged that Rusoro's financial advisor, Endeavour Financial, also advises Gold Reserve -- a conflict Gold Reserve says makes the offer improper.
merger communication
- 15 Dec
Rusoro's own announcement of the hostile bid: a 3-for-1 share exchange it says represents a 140% premium to Gold Reserve's last trading price before the offer.
merger communication
- 15 Dec
Rusoro's full, legally operative Offer to Purchase and Circular formally commencing the tender offer under SEC and Canadian rules -- the document that starts the clock on the bid.
business combination
2003
- 3 Oct
the American Stock Exchange certified GOLD RESERVE LTD's securities for listing, clearing them to begin trading.
listing compliance notice