06:59 AM EDT, 08/29/2025 (MT Newswires) -- Gold Reserve ( GDRZF ) late on Thursday said it has submitted an improved proposal to buy the shares of Citgo Petroleum's indirect parent company PDV Holding, pursuant to the schedule set by the U.S. District Court for the District of Delaware.

The terms are confidential under the bidding procedures, but the company confirmed that it has materially increased its proposed purchase price, arranged for additional financial support and increased the certainty of its bid in non-economic ways.

Gold Reserve's ( GDRZF ) improved proposal will be considered before a final recommendation is made.

This comes after an affiliate of hedge fund Elliott Investment Management submitted the strongest bid to date in the court-organized auction.