Unico Silver (ASX:USL) agreed to sell its Mount Hope project in New South Wales to unlisted company Mount Hope Mining, according to a Wednesday filing with the Australian bourse.

In exchange, Mount Hope Mining will issue 5 million of its shares, at a deemed price of AU$0.20 apiece, to the company, the filing said.

The deal is subject to Mount Hope Mining's successful initial public offering and listing on the Australian Securities Exchange, the filing added.

The divestment will enable Unico Silver to focus on its Cerro Leon and Joaquin silver projects in Argentina while retaining a stake in Mount Hope Mining, said Managing Director Todd Williams.

Shares of Unico Silver rose 6% in recent trade.

Price (AUD): $0.35, Change: $+0.020, Percent Change: +6.15%