Redstar Gold Corp. closed the previously agreed sale of its Nevada projects portfolio to NV Gold Corp. in exchange for 6,172,730 NV Gold shares, representing a 29.9% stake in the company.
The portfolio comprises 11 exploration projects as well as a geological database, according to a Sept. 30 news release.
NV Gold also completed a concurrent C$550,000 private placement as a precondition to closing the deal.
As part of the definitive deal inked earlier this month, NV Gold appointed Peter Ball, current President and CEO of Redstar, and Ken Booth, former CEO and current director of Redstar, to its board of directors.
NV Gold "will aggressively seek to add new projects in the Great Basin for its portfolio through the use of the database and its in-house geologic experience," according to President John Watson. "Projects will be made available on a lease, joint venture or sale basis, or on a case-by-case basis, may be further explored by the company."