Novus Gold Corp. (TSX VENTURE:NOV) reported that the company has exercised its option to repurchase a 51% interest in the REN gold property from Terra Ventures Inc. by issuing 7.5 million shares to Terra.
The press release is quoted as saying:
Prior to Novus exercising the Repurchase Option, Terra had acquired a 51% interest in the REN property in the Northwest Territories as a result of having incurred $1.5-million in expenditures on the REN property by December 31, 2009. Terra now holds approximately 18.2% of the Company’s 41,125,000 issued shares.
