Gold Reserve calls last $30.8 million 11% convertible, interest notes

By Wendy Van Sickle

Columbus, Ohio, July 21 – Gold Reserve Inc. will fully redeem its outstanding 11% senior secured convertible notes due 2018 and 11% senior secured interest notes due 2018 on Aug. 10. There is a total of $30.8 million of the notes outstanding, according to a press release.

The notes will be redeemed at 120% of the principal amount.

Gold Reserve said it will fund part of the redemption with proceeds of its first $29.5 million installment payment under the settlement agreement between the company and Venezuela. The company announced its receipt of that installment payment on July 11.

Gold Reserve is based in Spokane, Wash.

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