Gold Reserve removes Class A common shares from US registration – Spokane Journal of Business

Gold Reserve Ltd. has recently taken steps to streamline its operations and save costs by deregistering its Class A common shares in the U.S., as announced in a press release. The mining company has ceased to be considered a foreign private issuer by the Securities and Exchange Commission starting January 1. In furtherance of this move, Gold Reserve submitted a Form 15 to the SEC on January 30 to halt its reporting obligations under U.S. security laws.

Although Gold Reserve’s Class A common shares are no longer registered in the U.S., they will remain listed on the TSX Venture Exchange based in Calgary, Alberta, and the OTCQX Best Market of the OTC Markets Group Inc. The company remains committed to fulfilling disclosure requirements mandated by Canadian securities laws.

Additionally, Gold Reserve responded to a proposal from the Canadian Revenue Agency, disputing the agency’s suggested adjustments for multiple taxation years. The agency’s recommendations included a reassessment of Gold Reserve’s 2014, 2016, 2017, and 2018 taxation years, encompassing various amounts such as the September arbitral award and specific payments made pursuant to a settlement agreement with the Bolivian Republic of Venezuela.

Gold Reserve expressed disagreement with many of the proposed adjustments, arguing that they were raised after the expiration of the reassessment period stipulated by the Canadian Income Tax Act, deeming the basis for these recommended adjustments to be erroneous both factually and legally. The company’s executive leadership maintains that its tax returns have been accurately filed and in adherence to Canadian tax laws, and it has vowed to staunchly defend its tax filing position.

Although the company executed a continuance from the Canadian Province of Alberta to Bermuda in September, its executive and administrative office remained situated in Spokane as of September. Gold Reserve did not provide an immediate response to an inquiry from the Journal about its current presence in Spokane.

The company has undertaken these strategic steps to optimize its operations, maintain its compliance with regulatory requirements, and safeguard its financial resources. By refining its reporting obligations and addressing tax-related matters diligently, Gold Reserve aims to position itself for continued success in the dynamic mining industry.