Ross River Minerals Inc. plans to exit the mining sector with an agreement to acquire Innovate Phytotechnologies Inc., expected to close by Nov. 30.

Innovate is engaged in various analysis and development activities related to the cannabis, food, drug and health-product industries.

Ross River Minerals said Aug. 8 that it will issue Innovate shareholders 50,758,969 common shares and performance warrants to purchase up to 9,350,000 common shares at 2 Canadian cents apiece on or before March 31, 2023.

The company sold its interest in an early stage gold project in northern Canada in 2015 and abandoned a copper project in Mexico due to cost and safety concerns.