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Gold Reserve shareholder West Face buys more than 2.6 million shares
By Lisa Kerner
Charlotte, N.C., Oct. 20 - Gold Reserve Inc. shareholders led by West Face Capital Inc. upped their interest in the company to 12.3% from 7.9% with the purchase of 2,600,417 shares between Sept. 29 and Oct. 16, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.
A portion of the shares were purchased on Oct. 16 for $0.90 each. The investors are entitled to the remainder of the shares upon the conversion of convertible bonds.
West Face beneficially owns 7,255,854 shares of the Spokane, Wash., mining company.
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