Gold Reserve, Rusoro continue war of words--GOLD RESERVE REJECTS BID

摘要

Calling Rusoro Mining's (RML-V, RMLFF-O) unsolicited takeover bid "opportunistic" and "financially inadequate," Gold Reserve's (GRZ-T, GRZ-X) board of directors has unanimously recommended that shareholders reject the offer. Outgoing financial advisers J.P. Morgan Securities and RBC Capital Markets, have both deemed the bid inadequate, Gold Reserve said. Based on the closing price of Rusoro shares on the TSX Venture Exchange on Dec. 29, the last trading day before the date of the board's recommendation, the implied offer price was 1.86 dollars per Gold Reserve share, Gold Reserve says.