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Platinex cancels mining exit, plans exploration at Shining Tree gold property

Platinex Inc. canceled plans to exit mining and acquire cannabis firm InLove Corp., citing market conditions.

In early 2018, the company also acquired a 51% stake in Intergalactic Foods LLC and a royalty interest in Dave's Space Cakes LLC.

The company said Aug. 23 that it will sell or wind up the interests to focus on its mining assets, including the early-stage Shining Tree gold property in Ontario.

Platinex intends to implement a C$635,000 first-phase exploration program at Shining Tree, subject to financing. The program will include airborne geophysical work and 3,000 meters of diamond drilling.

It also amended a private placement, decreasing its target to C$250,000 from the C$500,000 outlined in late May. The company will use the proceeds to preserve its existing operations and for general corporate and administrative purposes.