04:03 PM EDT, 10/04/2024 (MT Newswires) -- Gold Reserve ( GDRZF ) said Friday afternoon it appointed Paul Rivett as chief executive officer, effective immediately.

He will also remain a director and executive vice-chairman of the board, the company said.

Chairman Robert Cohen said Rivett's extensive management experience will help implement strategies to improve shareholder value. "His appointment follows our successful continuance into Bermuda, and we believe that he has the unique skillset required to lead the company at this pivotal moment."

As part of his appointment, the company has granted Rivett 1 million stock options to buy common shares at an exercise price of US$2.35 per share for a term of five years.

Gold Reserve ( GDRZF ) shares closed up $0.68 to $3.73 on the TSX Venture Exchange.