Gold Reserve Ltd has moved to set the record straight in the high-stakes Citgo sale, arguing that claims about a rival offer from Amber Energy have been “grossly misleading”.

In a new court filing the Bermudian-domiciled mining company said Amber’s bid is worth roughly $2 billion less than its own offer, despite assertions from other creditors that Amber had outbid Gold Reserve. The company stressed that its improved proposal through Dalinar Energy carries a $7.9 billion purchase price, compared with Amber’s $5.9 billion.

“Repeated statements that the Amber Energy bid is higher than the Dalinar Energy successful bid are incorrect and misleading,” Gold Reserve told the Delaware court overseeing the sale.

At the same time, Gold Reserve issued a public clarification to shareholders after reports suggested Amber had offered $500 million in cash to the company. Gold Reserve said this was “entirely false”, explaining that Amber’s proposal would recover only 15 per cent on a $500 million claim if approved by the court.

“Any suggestion that the Amber Energy proposal would result in $500 million of cash consideration to Gold Reserve is misleading,” the company said.

The Citgo auction, which stems from longstanding disputes over Venezuela’s debt and arbitration awards, has attracted multiple bidders. Gold Reserve argues that not only is its Dalinar Energy offer higher in value, but recent objections to its bid, including antitrust concerns and bondholder litigation risk, have now been resolved.

The Delaware court is expected to make a final ruling on the sale in the coming weeks.