Feb 11 (Reuters) - Gold Reserve ( GDRZF ) said on

Wednesday it has hired brokerage Cantor Fitzgerald's Canadian

arm to raise up to $50.3 million through a private placement of

common shares, as it intends ​to rebuild its investor base and

return to ‌operations in Venezuela.

The company operated the Brisas gold mine in the South

American country, ⁠until the government

seized control

of the property in 2009.

With Maduro

ousted

by the ⁠U.S. last month, the company expects his successor,

Acting ‌President Delcy ‌Rodriguez, to reopen the country for

business.

"Gold Reserve ( GDRZF ) intends to return to Venezuela as ​soon as we

are able to do ‌so in a safe and legally compliant manner, in

order to re-establish connectivity, re-evaluate conditions

in-country and, eventually, resume ​a critical minerals

business," said ​CEO Paul ‌Rivett.

The company plans to sell the shares at an issue price

of $3 apiece in the private placement. It has also ⁠allowed the

Cantor Fitzgerald unit to issue an additional 25% ⁠of the total

number of shares at its discretion, it said.

If the over-allotment is exercised in full, Gold Reserve ( GDRZF )

expects to raise about $63 million in gross proceeds from the

sale.

The company plans to ⁠use ‌net proceeds from the private

placement to expand its ‌operational mining expertise, and

support working capital needs and general corporate ⁠purposes,

Gold Reserve ( GDRZF ) said.

Last month, the company agreed to pay around $5 million in

commitment fees to banks tied to a loan facility used to bid for

shares of PDV Holdings, as part of its efforts to recover assets

in Venezuela.

It also flagged that it is reviewing and updating its

security ​plans to support potential negotiations for a safe

return to operations in the South American country.

The closing of the offering is expected ​to occur on or ‌about

February 26.