02:05 PM EDT, 04/29/2024 (MT Newswires) -- GR Silver Mining ( GRSLF ) said Monday said it agreed to sell its Marlin Gold Mining unit to WP Servicios Industriales SA de CV.

Under the agreement, GR Silver Mining ( GRSLF ) will transfer to WP all existing assets and rights, as well as all outstanding undertakings, covenants, indemnities, and obligations, of Marlin and its subsidiaries, including Oro Gold, in consideration for which GR Silver Mining ( GRSLF ) will receive a 0.5% NSR royalty on the other concessions owned by Oro Gold and a 10-year first right of refusal on any disposition of other concessions by WP.

The transaction is expected to close within one month.

The sale will allow GR Silver Mining ( GRSLF ) to focus on resource growth and the potential development of the company's core Plomosas Project. The company also holds several non-core concessions.

Marlin is a private company that owns, amongst other assets, Oro Gold de Mexico. Oro is a private Mexican company that owns 100% of nine non-core concessions, including the past-producing La Trinidad mine.

WP is a private Mexican mining company that operates newly acquired gold, silver, lead, and copper mines and a refinery, and conducts mineral trading in Mexico.

The company's shares were last seen up C$0.005 to C$0.20 on the TSX Venture Exchange.

Price: 0.20, Change: +0.01, Percent Change: +2.56