McEwen (MUX) said Friday it agreed to sell its Fuller and Paymaster properties in Ontario to Discovery Mining's Dome Mine unit for $55 million.

The buyer will pay $5 million in cash and $50 million in Discovery shares subject to a four-month hold period, the company said.

The proceeds will be used to fund development projects aimed at bringing annual production to up to 300,000 gold equivalent ounces by 2030, McEwen said.

The company also said it received $13.5 million by assigning a loan receivable to third-party lenders, bringing total new capital for development expenses to roughly $68.5 million.

Shares of the company were up 1.9% in early trading Friday.

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