The acquisition price has been pegged at $11m with the first tranche of $600,000 paid to Bass Metals.
The remainder of the payment is due to be made on completion of the transaction, expected to be on or about 20 February 2013.
Bass Metal managing director Mike Rosenstreich remarked that the transaction concludes a very difficult phase for the company.
Proceeds from the sale of the subsidiary will be employed to clear existing debts and fund future exploration initiatives.
"The Board and I plan for that to mark a major relaunch of activities to build shareholder value, namely exploration and assessment of new projects," said Rosenstreich.
The transaction with Ivy is subject to the finalization of the definitive Share Sale Agreement and approval by the Foreign Investments Review Board.
HMO owns the Hellyer Tails gold resource, processing plant, Hellyer mine lease along with a sub-license agreement with Bass over the Mount Charter gold resource.
