Seven directors were elected at the annual meeting of Gold Reserve Ltd, which recently completed its continuance into Bermuda from Alberta, Canada.

Robert A. Cohen, Paul Rivett, James Michael Johnston, Yves M. Gagnon, James P. Tunkey, David A. Knight and Jonathan Howes were elected to hold office until the next annual meeting of shareholders or until their successors are elected or appointed or their office is otherwise vacated.

Mr Howes is the chief executive of Bermuda Press (Holdings) Ltd, the parent company of The Royal Gazette.

After the meeting, the company appointed two additional and Bermuda-resident directors to the board, George Thomas and William DeSilva.

In connection with the appointments of Mr Thomas and Mr DeSilva, as well as the election of Mr Howes, as directors, the company has granted to each 145,000 stock options to purchase up to 145,000 common shares.

The company said those options will vest immediately at an exercise price of $1.63 per common share. All of the options have a maximum term of ten years from the date of grant, which was December 12.

Shareholders at the meeting approved the grant of 2.5 million conditional stock options at an exercise price of $7 to Mr Rivett, the company’s chief executive.