Aurvista Gold Corp. exercised an option to acquire the remaining 10% interest in Douay West zone in Quebec, from Société d'Exploration Minière Vior Inc. for C$12,500, Aurvista said March 29.
As a result, Aurvista increased its 100%-owned land package to 247 contiguous claims totaling 128.8 square kilometers, forming part of the Douay gold project, and holds a 75% interest in 32 additional claims totaling 11.9 square kilometers in the Douay Northwest zone.
SOQUEM Inc. holds the remaining 25% interest in the Douay Northwest zone.
Additionally, the company noted that Vior now owns 6,710,442 Aurvista shares and 800,000 warrants to acquire shares, representing 5.6% of Aurvista's outstanding common shares on a partially diluted basis.
Vior recently completed a special dividend, distributing 13,796,795 Aurvista shares to Vior shareholders.
With Vior's ownership interest in Aurvista falling below 10%, a 2011 shareholders' agreement between the companies will cease to be in effect, Aurvista said.
Consequently, Vior's pre-emptive right to maintain its ownership percentage through participation in future Aurvista share offerings no longer remains in effect.