07:28 AM EDT, 06/27/2024 (MT Newswires) -- Gold Reserve Inc. ( GDRZF ) , which lost 2.3% yesterday, on Thursday said its agent closed the book on its private placement and 20% over-allotment option of Class A shares, raising up to US$36 million.

Proceeds are to be used for expenditures related to Gold Reserve's ( GDRZF ) credit bid that was submitted for PDV Holdings, the indirect parent company of CITGO Petroleum Corp., for working capital and general corporate purposes.

The shares were priced at US$4.10 each. The offering is expected to close by July 3.