"The new structure is intended to convert Argent into a pure silver play," Argent said.
"This will enable Argent to focus on completing the definitive feasibility study on its Kempfield silver project (in NSW) with the objective of being in a position to take a decision to mine by December 2011," it said.
Argent executive chairman Kerry McHugh and UNL chairman Jonathan Murray both described the outcome as good for investors in each company.
Argent also flagged a fresh capital raising to issue 13 million shares at 16 cents each to raise about $2.1 million.
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(20min delay)