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VANCOUVER, BRITISH COLUMBIA–(MARKET WIRE)–Dec 15, 2008 — Rusoro Mining Ltd. (CDNX:RML.V – News) (“Rusoro” or the “Company”) today announced a take-over bid (the “Take-Over Bid”) for Gold Reserve Inc. (“Gold Reserve”) (Toronto:GRZ.TO – News)(NYSE-A: GRZ). Rusoro is offering Gold Reserve shareholders and equity unit holders (collectively, the “Gold Reserve Equityholders”) 3 Rusoro common shares for each Gold Reserve Class A common share and each Gold Reserve equity unit (collectively, the “Gold Reserve Equity”). The offer values Gold Reserve at C$1.08 per each Class A common share and each equity unit, and represents a premium of 140% based on the December 12, 2008 closing prices for Rusoro and Gold Reserve on the TSX Venture Exchange (“TSXV”) and the Toronto Stock Exchange (“TSX”), respectively, and a premium of 209% based on the volume-weighted average trading yada yada continues here

UPDATE: Just looking back at previous posts. In this one dated August 28th I actually mentioned that RML.v would offer three shares for every GRZ. Weird world, no?

UPDATE 2: GRZ has just released its own PR on the subject, linked right here. Nothing unexpected (and expect the company to reject this offer) bar this cute little wrinkle in the story:

On Friday, December 12, 2008, the Board of Directors received a non-binding proposal from Rusoro and received calls from representatives of Rusoro’s legal counsel and its financial advisor Endeavour Financial Corporation (TSX:EDV – News) (Endeavour”) regarding the proposal. On Sunday, December 14, 2008, Gold Reserve sent letters to each of Rusoro and Endeavour expressing concerns about the role of Endeavour in Rusoro’s Offer. Endeavour also provides advisory services to Gold Reserve and has in depth knowledge of confidential and proprietary information about Gold Reserve. In the circumstances, Gold Reserve believes that the Offer cannot proceed and, together with its financial and legal advisors, is considering its options to protect shareholder interests.

Just out of snarkygossipy interest, a couple of weeks a go a guy from Endeavour (who will remain un-named) tried to join the IncaKolaNews e-mailing list, a request that was rejected, FWIW. Now why on the Lord’s little planet would a EDV.to be interested in this lil’ corner of cyberspace? LOL!