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BRIEF-Gold Reserve says Venezuela agreed to pay gold reserve a total of about $1,037 mln

Published 2017-06-30, 05:07 p/m
© Reuters. BRIEF-Gold Reserve says Venezuela agreed to pay gold reserve a total of about $1,037 mln
GRZ
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June 30 (Reuters) - Gold Reserve Inc GRZ.V

* Gold Reserve provides venezuela update

* Gold Reserve Inc - is providing an update to previously announced third amendment of settlement agreement with venezuela

* Gold Reserve Inc - under terms of settlement agreement, venezuela has agreed to pay gold reserve a total of approximately us $1,037 million

* Gold Reserve has received an initial installment of us $40 million under settlement agreement

* Gold Reserve Inc - venezuela will place venezuelan financial instruments with a face value of us $350 million in trust as collateral for future payments

* Gold Reserve Inc - venezuela will place venezuelan financial instruments with a face value of us $350 million in trust as collateral for future payments

* Gold Reserve Inc - final payment of us $285 million is scheduled to be paid on or before june 10, 2019

* Gold Reserve- is scheduled to receive 20 monthly payments of $29.5 million, 3 monthly payments of $40.8 million on or before 10th day of each month starting on july 10

* Gold Reserve Inc - payment comprised of about $797 million to satisfy arbitral icsid award granted in favor of company

* Gold Reserve Inc - venezuela has agreed to permanently withdraw all legal proceedings seeking annulment

* Gold Reserve Inc - payment also comprised of us $240 million for company's technical mining data related to brisas property Source text for Eikon: ID:nBw8lC2Rma Further company coverage: GRZ.V

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