13D Filing: Steelhead Partners and Gold Reserve Inc (GRZ)

Page 3 of 7 – SEC Filing

1. Names of Reporting Persons STEELHEAD NAVIGATOR MASTER, L.P.
2. Check the Appropriate Box if a Member of a Group (See Instructions) (a)
(b)
3. SEC Use Only
4. Source of Funds (See Instructions) WC
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)
6. Citizenship or Place of Organization Cayman Islands

Number of

Shares

Beneficially

Owned by

Each Reporting

Person With

8,944,5731
7. Sole Voting Power
0
8. Shared Voting Power
8,944,5731
9. Sole Dispositive Power
0
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person 8,944,5731
12. Check if the Aggregate Amount in Row 11 Excludes Certain Shares (See Instructions)
13. Percent of Class Represented by Amount in Row 11 9.2%1
14. Type of Reporting Person (See Instructions) PN

[1]This number does not include a contingent value right held by
Steelhead Navigator or any underlying securities that may be issuable by the issuer to Steelhead Navigator pursuant to the
terms of the contingent value right.

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