Wow, quite a few interesting statements by RML. The 2 biggest are the fact that only 1.6 million shares were tendered out of 58 million. That's only 3% of the shares. So much for this take over working.
Secondly and more importantly for Kry is the notification from Rml that the VenRus CA company currently only has an agreement on Isidora assets which we new already. This puts the whole take over by VenRus of KLM 88 in doubt. While the plan might be for VenRus to mine LC/LB, they still haven't come to terms with how they plan to accuire LC/LB. Somebody is putting the cart before the horse.
On January 14, 2009, certain news outlets attributed Venezuelan President Hugo Chavez with remarks that the Venezuelan government plans to jointly develop the Las Cristinas deposit and the Brisas deposit. These news outlets also reported that President Chavez referred to the formation of Venrus C.A., described as a joint venture between Rusoro and the Venezuelan government, to develop and exploit these projects. As disclosed in the Company's Offer and Circular dated December 15, 2008, filed with Canadian securities regulatory authorities and included as part of its Registration Statement on F-10 and Tender Offer statement on Schedule TO filed with the SEC in the United States, Rusoro has formed a mixed enterprise joint venture with the Venezuelan government in connection with the Isidora gold mining assets acquired by Rusoro from Hecla Mining Company. The terms of this joint venture, which has been named "Minera Venrus, C.A.", were filed on December 5, 2008 on the Company's SEDAR profile. Rusoro cautions that no agreement regarding the development or joint development of the Cristinas or Brisas deposits currently exists between Rusoro and the Venezuelan government and there is no guarantee that any such agreement will be entered into.
As of the close of business on January 19, 2009, 1,615,433 Gold Reserve shares and 420 Gold Reserve equity units have been tendered to the Offer. Rusoro believes this reflects the market uncertainty related to the Offer resulting from the litigation and Tender conditions discussed above. Gold Reserve Equityholders may tender to the Offer at any time prior to the new Offer expiry time of 5:00 pm (Eastern time) on February 18, 2009.
