- Psyched Wellness (PSYC) has received $226,500 from the sale of two properties in Red Lake District, northwestern Ontario
- The properties represent two of seven non-core assets held by the company as a result of the legacy business of Duncan Park Holdings,
- Psyched Wellness used Duncan Park Holding as the shell company to list on the CSE
- With the plan to launch its flagship product, Calm, in the United States this year, the additional funds would be of a plus for the company
- Psyched Wellness Ltd. is a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom
- Psyched Wellness Ltd opened trading at $0.10 per share
Psyched Wellness (PSYC) has received $226,500 from the sale of two properties in northwestern Ontario.
The properties represent two of seven non-core assets held by the company as a result of the legacy business of Duncan Park Holdings, the shell company that Psyched used to list on the CSE.
The company 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,” explained Jeffrey Stevens, CEO of the Company.
“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,” he added.
The company believes that being able to monetize these properties in order to shore up its existing cash position in a non-dilutive fashion in the current market conditions is a win.
With the plan to launch its flagship product, Calm, in the United States this year, the additional funds would be of a plus for the company.
Psyched Wellness Ltd. is a Canadian-based life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom.
The company is in the process of developing a line of Amanita Muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.
Psyched Wellness Ltd opened trading at $0.10 per share.
