Psyched Wellness Receives $226,500 From Sale of Non-Core Assets
Toronto, Ontario, May 25, 2022 – Psyched Wellness Ltd. (CSE:PSYC, OTCQB:PSYCF, FRANKFURT:5U9) (the “Company” or “Psyched”) a life sciences company focused on the production and distribution of health and wellness products derived from the Amanita Muscaria mushroom, is pleased to announce that it has received $226,500 CAD from the sale of two properties in Red Lake District, located in northwestern Ontario, Canada. 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.” says 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. 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.”