Terra Ventures Inc. (TSX-V: TAS) has announced Novus Gold Corp.'s exercise of the option to repurchase Terra's 51% interest in the REN gold property. Novus will repurchase the interest by issuing 7.5 million of its shares to Terra. Prior to the exercise of Novus's option, Terra exercised their option to acquire a 51% interest in the REN property as a result of Terra having incurred $1.5 million in expenditures on the REN property. The 7.5 million shares are equal to 18.24% of Novus's 41,125,000 issued shares.
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Terra Ventures Inc. (Terra) is engaged in the business of acquiring, exploring and evaluating mineral resource properties and interests, and either joint venturing or developing these properties and interests further or disposing of them when the evaluation is completed.
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