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.
