A newly amended filing with the SEC, disclosed that Michael Johnston‘s Steelhead Partners holds almost 19.7 million shares of Gold Reserve Inc. (OTCMKTS:GDRZF). The activist stake held by Steelhead amasses 26.1% of the company’s common stock. At the current stock price of the company, the value of the position amounts to $65.5 million.
The fund did not disclose holding shares of Gold Reserve Inc. (OTCMKTS:GDRZF) in its latest 13F. The stock of the company remained almost flat year-to-date, edging up by 0.6%. The company, earlier this year completed a Private Placement, during which it issued 1.75 million units, for total gross proceeds amounting to almost $5.3 million. Gold Reserve is an exploration stage company. In October, the company conducted an aeromagnetic survey of La Tortuga Copper-Gold Property in Mexico and, amid positive results, launched follow up programs.
With its major stake, Steelhead is one of the largest shareholders of Gold Reserve Inc. (OTCMKTS:GDRZF). According to our database, no hedge funds currently hold shares of the company.