Gold miner Red 5 has exercised its option to acquire the Great Western gold deposit from fellow listed Terrain Minerals.
The option agreement inked in November last year required Red 5 to make payments totaling A$2.5-million and a further A$2.2-million to exercise the option, with the exercise price paid in Red 5 shares calculated on a five-day volume weighted average price for the five days prior to the completion date.