Spokane-based Gold Reserve Corp. said Friday that the Securities and Exchange Commission had approved the registration of shares to solidify the ownership of its major gold property.
The SEC agreed to register 1.3 million common shares of Gold Reserve stock. The move buys out the minority interest in two Gold Reserve subsidiary companies, and the result is that Gold Reserve now owns all of the Brisas concession in southeastern Venezuela.
Previous to the move, Gold Reserve had controlled 91 percent of the property. The company now has 20.4 million shares of common stock outstanding.
Gold Reserve took control of the concession after a long legal battle with its former claimants. The company continues to receive promising drilling results from the gold property.
Gold Reserve stock finished Friday down 13 cents at $6.25.