08:28 AM EDT, 07/03/2025 (MT Newswires) -- Gold Reserve ( GDRZF ) said Thursday that a US$7.38 billion bid by its U.S. acquisition subsidiary, Dalinar Energy, was recommended for the purchase of shares in PDV Holding, the indirect parent company of CITGO Petroleum.

Dalinar's offer beat a US$3.7 billion stalking horse bid submitted by Red Tree Investments earlier this year, Gold Reserve ( GDRZF ) said.

The selection of Dalinar was made public today in the notice of final recommendation filed by the Special Master appointed by the U.S. District Court for the District of Delaware, which is overseeing the sale process.

"Our bid satisfies creditors further down the waterfall than was ever contemplated by any prior bid since the inception of the Delaware sale process," said Paul Rivett, Gold Reserve's ( GDRZF ) executive vice chairman.

Gold Reserve ( GDRZF ) said the Dalinar bid includes a combination of equity and debt financing. A consortium of lenders, led by J.P. Morgan and TD Bank and including Sumitomo Mitsui Banking, provided commitments for the full amount of the anticipated debt financing.

At closing, Gold Reserve ( GDRZF ) will own approximately 44% of Dalinar's common equity, representing 85% of the voting shares. Gold Reserve ( GDRZF ) will also hold at least US$150 million of US$1.5 billion of preferred equity securities in Dalinar or one of its subsidiaries.

Gold Reserve's ( GDRZF ) shares soared 43% on Wednesday to C$3.85 on the TSXV.