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Gold/Mining/Energy : Gold Reserves Limited GLR - TSE
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To: Syncrude who wrote (302)2/10/1999 12:10:00 PM
From: barry doment  Read Replies (1) of 406
 
POKANE, WA, Feb. 10 /CNW/ - Gold Reserve Corporation (TSE: GLR -
NASDAQ: GLDR) announced that the effective date of the formation of its new
Canadian parent company, Gold Reserve Inc., was February 4, 1999.
Canadian shareholders will realize a loss or a gain, as the case may be,
for Canadian income tax purposes as a result of the ''deemed disposition'' of
their Gold Reserve Corporation (Montana) shares. United States shareholders
will recognize a gain, if any, but not a loss, for U.S. income tax purposes.
The effective price of the transaction for tax purposes is Canadian $2.22 per
share or US $1.438 per share.
Shareholders are urged to consult their own tax advisors as to the
particular tax benefits or consequences to them as a result of the
reorganization.
Shareholders are also reminded they do not need to transfer the old share
certificates for new ones. The old certificates will automatically represent
the new shares.
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