08:20 AM EDT, 07/15/2024 (MT Newswires) -- Troilus Gold ( CHXMF ) on Monday said it agreed to sell non-core properties in northern Quebec to Comet Lithium ( XTRRF ) for shares worth $0.47 million as it focuses on its Troilus Gold-Copper project in the region.

The company said it is selling the Mercator, Monarch and the East Elmer projects in Quebec's James Bay region to for 1.5-million Comet shares with a deemed price of $0.315 each. Troilus will retain a 2% net smelter royalty on all three sites.

Comet granted Troilus equity-participation rights, allowing it participate in any share financings by Comet to maintain its stake in the company.

"The sale of these non-core properties to Comet Lithium ( XTRRF ) is a strategic step in our commitment to concentrate resources and efforts on the Troilus Gold-Copper Project as we advance towards production. We are confident in Comet Lithium's ( XTRRF ) capabilities to develop these assets and are keen to see their progress," chief executive Justin Reid said in a release.

Troilus shares closed up $0.375 Friday on the TSX Venture Exchange while Comet Lithium ( XTRRF ) closed down $0.015 to $0.30.