Psyched Wellness (CSE:PSYC, OTCQB:PSYCF) Ltd. said it has received C$226,500 from the sale of two properties in northwestern Ontario’s Red Lake District.
The company said the properties represent two of seven non-core assets it holds as a result of the legacy business of Duncan Park Holdings, the shell company it used to list on the CSE. It has an additional five properties listed for sale in the area at various price ranges.
“When we took over Duncan Park Holdings to list Psyched on the CSE in October 2020, we made the decision to maintain the mining properties in Red Lake in the hopes that mining in the region would become economically viable again,” CEO Jeffrey Stevens said in a statement.
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"We were surprised to discover that the properties we held bordered residential communities, which meant they had a much higher value as building lots than we previously believed,” Stevens added. “Being able to monetize these properties in order to shore up our existing strong cash position in a non-dilutive fashion in the current market conditions is a win for the company. As we launch our flagship product, Calm, in the United States of America this year, the additional funds are welcome and will be put to good use.”
Psyched Wellness is a health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. It is in the process of developing a line of Amanita Muscaria-derived water-based extracts, teas and capsules designed to promote stress relief, and relaxation and assist with restful sleeping.
Contact the author at stephen.gunnion@proactiveinvestors.com