<SUBMISSION>
<ACCESSION-NUMBER>0000902664-07-000532
<TYPE>SC 13G
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20070212
<DATE-OF-FILING-DATE-CHANGE>20070212
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Terra Nova Acquisition CORP
<CIK>0001298663
<ASSIGNED-SIC>6770
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G
<ACT>34
<FILE-NUMBER>005-80708
<FILM-NUMBER>07603059
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2 BLOOR STREET WEST, SUITE 3400
<CITY>TORONTO
<STATE>A6
<ZIP>M4W 3E2
<PHONE>416-644-6000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2 BLOOR STREET WEST, SUITE 3400
<CITY>TORONTO
<STATE>A6
<ZIP>M4W 3E2
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>Polar Securities Inc.
<CIK>0001326389
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>A6
<FISCAL-YEAR-END>0331
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>372 BAY STREET
<STREET2>21ST FLOOR
<CITY>TORONTO
<STATE>A6
<ZIP>M5H 2S6
<PHONE>416-367-4364
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>372 BAY STREET
<STREET2>21ST FLOOR
<CITY>TORONTO
<STATE>A6
<ZIP>M5H 2S6
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>sc13g.txt
<DESCRIPTION>TERRA NOVA ACQUISITION CORP
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                ----------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)

                                ----------------

    INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13d-1(b), (c)
        AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 UNDER THE
                         SECURITIES EXCHANGE ACT OF 1934

                       TERRA NOVA ACQUISITION CORPORATION
                                (Name of Issuer)

                         Common Stock, $0.0001 Par Value
                         (Title of Class of Securities)

                                    88101E201
                                 (CUSIP Numbers)

                                January 28, 2007
             (Date of Event Which Requires Filing of this Statement)

         Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

         [ ] Rule 13d-1(b)
         [X] Rule 13d-1(c)
         [ ] Rule 13d-1(d)

-----------

         * The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

         The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 2 OF 14

------------------------------------------------------------------------------
(1)  NAME OF REPORTING PERSON
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     Altairis Investments
------------------------------------------------------------------------------
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                            (a) [ ]
                                                            (b) [X]
------------------------------------------------------------------------------
(3)  SEC USE ONLY
------------------------------------------------------------------------------
(4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                     Canada
------------------------------------------------------------------------------

NUMBER OF         (5)    SOLE VOTING POWER
                                   -0-
SHARES            ------------------------------------------------------------


BENEFICIALLY      (6)    SHARED VOTING POWER
                                   -510,300-
OWNED BY          ------------------------------------------------------------

EACH              (7)    SOLE DISPOSITIVE POWER
                                   -0-
REPORTING         ------------------------------------------------------------

PERSON WITH       (8)    SHARED DISPOSITIVE POWER
                                   -510,300-
------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                   -510,300-
------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES                            [ ]
------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                   -7.6%-
------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            PN
------------------------------------------------------------------------------


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 3 OF 14

------------------------------------------------------------------------------
(1)  NAME OF REPORTING PERSON
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     Altairis Offshore
------------------------------------------------------------------------------
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                            (a) [ ]
                                                            (b) [X]
------------------------------------------------------------------------------
(3)  SEC USE ONLY
------------------------------------------------------------------------------
(4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                     Cayman Islands
------------------------------------------------------------------------------

NUMBER OF         (5)    SOLE VOTING POWER
                                   -0-
SHARES            ------------------------------------------------------------

BENEFICIALLY      (6)    SHARED VOTING POWER
                                   -510,300-
OWNED BY          ------------------------------------------------------------

EACH              (7)    SOLE DISPOSITIVE POWER
                                   -0-
REPORTING         ------------------------------------------------------------

PERSON WITH       (8)    SHARED DISPOSITIVE POWER
                                   -510,300-
------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                   -510,300-
------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES                            [ ]
------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                   -7.6%-
------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            CO
------------------------------------------------------------------------------


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 4 OF 14

------------------------------------------------------------------------------
(1)  NAME OF REPORTING PERSON
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     Altairis Offshore Levered
------------------------------------------------------------------------------
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                            (a) [ ]
                                                            (b) [X]
------------------------------------------------------------------------------
(3)  SEC USE ONLY
------------------------------------------------------------------------------
(4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                     Cayman Islands
------------------------------------------------------------------------------

NUMBER OF         (5)    SOLE VOTING POWER
                                   -0-
SHARES            ------------------------------------------------------------

BENEFICIALLY      (6)    SHARED VOTING POWER
                                   -510,300-
OWNED BY          ------------------------------------------------------------

EACH              (7)    SOLE DISPOSITIVE POWER
                                   -0-
REPORTING         ------------------------------------------------------------

PERSON WITH       (8)    SHARED DISPOSITIVE POWER
                                   -510,300-
------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                   -510,300-
------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES                            [ ]
------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                   -7.6%-
------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            CO
------------------------------------------------------------------------------


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 5 OF 14

------------------------------------------------------------------------------
(1)  NAME OF REPORTING PERSON
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     North Pole Capital Master Fund
------------------------------------------------------------------------------
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                            (a) [ ]
                                                            (b) [X]
------------------------------------------------------------------------------
(3)  SEC USE ONLY
------------------------------------------------------------------------------
(4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                     Cayman Islands
------------------------------------------------------------------------------

NUMBER OF         (5)    SOLE VOTING POWER
                                   -0-
SHARES            ------------------------------------------------------------

BENEFICIALLY      (6)    SHARED VOTING POWER
                                   -510,300-
OWNED BY          ------------------------------------------------------------

EACH              (7)    SOLE DISPOSITIVE POWER
                                   -0-
REPORTING         ------------------------------------------------------------

PERSON WITH       (8)    SHARED DISPOSITIVE POWER
                                   -510,300-
------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                   -510,300-
------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES                            [ ]
------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                   -7.6%-
------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            CO
------------------------------------------------------------------------------


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 6 OF 14

------------------------------------------------------------------------------
(1)  NAME OF REPORTING PERSON
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     Polar Securities Inc.
------------------------------------------------------------------------------
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                            (a) [ ]
                                                            (b) [X]
------------------------------------------------------------------------------
(3)  SEC USE ONLY
------------------------------------------------------------------------------
(4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                     Canada
------------------------------------------------------------------------------

NUMBER OF         (5)    SOLE VOTING POWER
                                   -0-
SHARES            ------------------------------------------------------------

BENEFICIALLY      (6)    SHARED VOTING POWER
                                   -510,300-
OWNED BY          ------------------------------------------------------------

EACH              (7)    SOLE DISPOSITIVE POWER
                                   -0-
REPORTING         ------------------------------------------------------------

PERSON WITH       (8)      SHARED DISPOSITIVE POWER
                                   -510,300-
------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                   -510,300-
------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES                            [ ]
------------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                   -7.6%-
------------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON
            CO
------------------------------------------------------------------------------


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 7 OF 14

ITEM 1(a).    NAME OF ISSUER:

              Terra Nova Acquisition Corporation (the "Company")

ITEM 1(b).    ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

              2 Bloor Street West
              Suite 3400
              Toronto, Ontario
              M4W 3E2

ITEMS 2(a), 2(b) and 2(c). NAME OF PERSON FILING, ADDRESS OF PRINCIPAL BUSINESS
OFFICE AND CITIZENSHIP:

     This statement is filed by the entities and persons listed below, all of
whom together are referred to herein as the "Reporting Persons":

        (i)   North Pole Capital Master Fund ("North Pole Capital"), a Cayman
              Islands exempted company, with respect to the Shares (as defined
              in item 2(d) below) reported in this Schedule 13G directly owned
              by it.

        (ii)  Altairis Investments, an Ontario limited partnership, with
              respect to the Shares reported in this Schedule 13G directly
              owned by it.

        (iii) Altairis Offshore, a Cayman Islands exempted company, with
              respect to the Shares reported in this Schedule 13G directly
              owned by it.

        (iv)  Altairis Offshore Levered, a Cayman Islands exempted company,
              with respect to the Shares reported in this Schedule 13G directly
              owned by it.

        (vi)  Polar Securities Inc. ("Polar Securities"), a company
              incorporated under the laws of Ontario, Canada, with respect to
              the Shares reported in this Schedule 13G directly owned by North
              Pole Capital, Altairis Investments, Altairis Offshore and
              Altairis Offshore Levered.

The citizenship of North Pole Capital, Altairis Investments, Altairis Offshore,
Altairis Offshore Levered and Polar Securities is set forth above.

The address of the principal business office of North Pole Capital, Altairis
Offshore and Altairis Offshore Levered is c/o Polar Securities Inc. 372 Bay
Street, 21st floor, Toronto, Ontario M5H 2W9, Canada. The address of the
principal business office of Altairis Investments is c/o Polar Fund Management
II Inc., 372 Bay Street, 21st floor, Toronto, Ontario M5H 2W9, Canada. The
address of the principal business office of Polar Securities is 372 Bay Street,
21st floor, Toronto, Ontario M5H 2W9, Canada.


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 8 OF 14


ITEM 2(d).    TITLE OF CLASS OF SECURITIES: Common Stock, $0.0001 Par Value (the
"Shares")

ITEM 2(e).    CUSIP NUMBERS:          88101E201

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:

              (a) [ ]  Broker or dealer registered under Section 15 of the Act;

              (b) [ ]  Bank as defined in Section 3(a)(6) of the Act;

              (c) [ ]  Insurance Company as defined in Section 3(a)(19)
                       of the Act;

              (d) [ ]  Investment Company registered under Section 8
                       of the Investment Company Act of 1940;

              (e) [ ]  Investment Adviser registered under Section 203 of the
                       Investment Advisers Act of 1940:  see Rule
                       13d-1(b)(1)(ii)(E);

              (f) [ ]  Employee Benefit Plan, Pension Fund which is subject
                       to the provisions of the Employee Retirement Income
                       Security Act of 1974 or Endowment Fund; see Rule
                       13d-1(b)(1)(ii)(F);

              (g) [ ]  Parent Holding Company, in accordance with
                       Rule 13d-1(b)(ii)(G);

              (h) [ ]  Savings Associations as defined in Section
                       3(b) of the Federal Deposit Insurance Act;

              (i) [ ]  Church Plan that is excluded from the
                       definition of an investment company under Section
                       3(c)(14) of the Investment Company Act of 1940;

              (j) [ ]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

         IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c), CHECK THIS
BOX. [x]


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 9 OF 14

ITEM 4.   OWNERSHIP.

     Polar Securities Inc. serves as the investment manager to North Pole
Capital Master Fund, Altairis Investments, Altairis Offshore and Altairis
Offshore Levered with respect to which it has voting and dispositive authority
over some of the Shares reported in this Schedule 13G.

     Each of the Reporting Persons hereby disclaims any beneficial ownership of
any such Shares.

      A. North Pole Capital Master Fund
         (a) Amount beneficially owned: 510,300

         (b) Percent of class: 7.6% The percentages used herein and in the
         rest of Item 4 are calculated based upon the 6,720,000 Shares of
         common stock issued and outstanding as of February 8, 2007 as
         reported in the Company's Form 10-KSB filed on February 9, 2007.

         (c) Number of shares as to which such person has:

             (i)    sole power to vote or to direct the vote: 0 Shares.

             (ii)   shared power to vote or to direct the vote: 510,300
                    Shares.

             (iii)  sole power to dispose or to direct the disposition
                    of: 0 Shares.

             (iv)   shared power to dispose or to direct the disposition
                    of: 510,300 Shares.

      B. Altairis Investments
         (a) Amount beneficially owned: 510,300

         (b) Percent of class: 7.6%

         (c) Number of shares as to which such person has:

             (i)    sole power to vote or to direct the vote: 0 Shares.

             (ii)   shared power to vote or to direct the vote: 510,300
                    Shares.

             (iii)  sole power to dispose or to direct the disposition
                    of: 0 Shares.

             (iv)   shared power to dispose or to direct the disposition
                    of: 510,300 Shares


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 10 OF 14

      C. Altairis Offshore
         (a) Amount beneficially owned: 510,300

         (b) Percent of class: 7.6%

         (c) Number of shares as to which such person has:

             (i)    sole power to vote or to direct the vote: 0 Shares.

             (ii)   shared power to vote or to direct the vote: 510,300
                    Shares.

             (iii)  sole power to dispose or to direct the disposition
                    of: 0 Shares.

             (iv)   shared power to dispose or to direct the disposition
                    of: 510,300 Shares.

      D. Altairis Offshore Levered
         (a) Amount beneficially owned: 510,300

         (b) Percent of class: 7.6%

         (c) Number of shares as to which such person has:

             (i)    sole power to vote or to direct the vote: 0 Shares.

             (ii)   shared power to vote or to direct the vote: 510,300
                    Shares.

             (iii)  sole power to dispose or to direct the disposition
                    of: 0 Shares.

             (iv)   shared power to dispose or to direct the disposition
                    of: 510,300 Shares.


<PAGE>




Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 11 OF 14

      E. Polar Securities Inc.
         (a) Amount beneficially owned: 510,300

         (b) Percent of class: 7.6%

         (c) Number of shares as to which such person has:

             (i)    sole power to vote or to direct the vote: 0 Shares.

             (ii)   shared power to vote or to direct the vote: 510,300
                    Shares.

             (iii)  sole power to dispose or to direct the disposition
                    of: 0 Shares.

             (iv)   shared power to dispose or to direct the disposition
                    of: 510,300 Shares.

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

          Not applicable.

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

          Not applicable.

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
          THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

          Not applicable.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

          See Item 4.

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP.

          Not applicable.


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 12 OF 14

ITEM 10.  CERTIFICATION.  (if filing pursuant to Rule 13d-1(c))

     Each of the Reporting Persons hereby makes the following certification:


By signing below each Reporting Person certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and not held in
connection with or as a participant in any transaction having that purpose or
effect.


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 13 OF 14

                                   SIGNATURES

     After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.


DATED:  February 12, 2007             North Pole Capital Master Fund
                                      By: Polar Securities Inc.
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Altairis Investments
                                      By: Polar Securities Inc
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Altairis Offshore
                                      By: Polar Securities Inc
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Altairis Offshore Levered
                                      By: Polar Securities Inc
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Polar Securities Inc.
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer


<PAGE>



Schedule 13G

CUSIP Nos. 88101E201                                        PAGE 14 OF 14

                                    EXHIBIT 1
                           JOINT ACQUISITION STATEMENT

                            PURSUANT TO RULE 13d-1(k)

     The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.

DATED:  February 12, 2007             North Pole Capital Master Fund
                                      By: Polar Securities Inc.
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Altairis Investments
                                      By: Polar Securities Inc
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Altairis Offshore
                                      By: Polar Securities Inc
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Altairis Offshore Levered
                                      By: Polar Securities Inc
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

                                      Polar Securities Inc.
                                      /s/ Paul Sabourin
                                      -----------------------------------
                                      Paul Sabourin
                                      Chief Executive Officer

</TEXT>
</DOCUMENT>
</SUBMISSION>
