Gold Reserve Ltd, which recently completed its continuance into Bermuda from Alberta, Canada, has appointed Paul Rivett as chief executive officer.

The company said Mr Rivett will continue to serve as a director and as executive vice-chairman of its board of directors.

Robert Cohen, chairman, said: “We are delighted to appoint Paul as CEO. He has decades of management and entrepreneurial experience that will enable him to implement dynamic, forward-thinking strategies to enhance shareholder value.

“His appointment follows our successful continuance into Bermuda, and we believe that he has the unique skill set required to lead the company at this pivotal moment.”

In connection with the appointment of Mr Rivett as CEO, the company has granted him one million stock options to purchase up to one million common shares.

Fifty per cent of the options will vest on the date of grant and the remaining 50 per cent will vest six months from the date of grant, all at an exercise price of $2.35 per share and with a maximum term of five years.