09:19 AM EDT, 06/25/2024 (MT Newswires) -- Gold Reserve ( GDRZF ) said Tuesday it will raise up to US$30 million in a private placement of Class A shares priced at US$4.10 apiece.

The company plans to use the proceeds to fund expenses related to its credit bid for PDV Holdings, the indirect parent company of CITGO Petroleum, as well as for working capital and general corporate purposes.

Gold Reserve ( GDRZF ) granted its agent a 20% overallotment option, raising the proceeds to US$36 million if fully exercised.

The offering is expected to close around July 3.

The company's share price fell 2% yesterday to $6.