Enertopia Corporation (CSE:TOP) (OTCMKTS:ENRT) told investors Friday that its letter of intent (LOI) signed with Eagle Plains Resources Ltd (CVE:EPL) (OTCMKTS:EGLPF) for the Pine Channel gold project back in October has now expired and that it is still exploring strategic alternatives.
The LOI was signed on October 28 and the plan was for the group to earn up to a 75% interest in the 7,000-hectare high-grade gold project in northern Saskatchewan.
In a statement, the company said that while it reached out to stakeholders and potential new investors to raise the necessary funds over the 45 day period for not only the Pine Channel project but to recapitalize and restructure the company, unfortunately, these efforts have not been successful under current market conditions.
Enertopia said it is continuing to explore strategic alternatives which may include without limitation the sale of the company or merger or other business combinations such as joint ventures or other strategic alliances.
It pointed out that it has not established a definitive timeline to complete its review and no decision on any particular alternative has been reached at this time.
Aside from Pine Channel, the company has also been exploring a lithium project in Clayton Valley, Nevada, located near Albemarle Corporation's (NYSE:ALB) Silver Peak lithium brine mine.
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