If we accept Rusoro's 3 for 1 offer assumption is that we get their shares priced as they are. That is unlikely to be so. Also comparing Rusoro's rising share price to Gold Reserve's old low as if our share price rise is mainly due to the offer. Equally
unrealistic.

First is the automatic Russoro dillution to 700 million shares just as a result of the
acceptance of the offer.
Who is to say that the share price would remain the same after such dillution.
What many say, most correctly, is that to construct the mine Rusoro would need to dillute some more, probably to a billion shares for the cost of the mine. Again who is to say that the share price would remain the same or rise in this market. I say not likely.

What we see now is a rise in the share prices of both but it is mainly due to the market forces correcting the recent drop. It is not inherent to either of the two companies.

What I will say is that our share price has been devalued to a much larger degree than Rusoro's and a large part is not only to the Venezuela/Chavez factor as we are led to believe. It is partly due to the smaller amount of shares outstanding and that most of them are held by insiders and knowlagable holders who are not likely to part with them for pennies. The only ones willing to trade are the shorters and those that risked recently by buying well below a dollar.
Rusoro's share price is rising but so is gold Reserve's. GRZ's is slower due to lack of liquidity. So on paper the offer becomes more attractive. At least the three shares are approaching to cover our cash on hand. Note that our share price has trippled from our recent low while Rusoro's has doubled over similar time period. Unles you believe that the offer is better for GRZ than it is for RML?

I say, pay for cash and nondepreciating assets with cash ( hard for hard) and only the remainder with stock exchanges (soft for soft).

These matters should be addressed but are ignored by the Rusoro offer, for good reason.