Atlas Salt Prepares for Planned Spin-out of “Triple Point Resources Ltd.”
ATLAS SALT PREPARES FOR PLANNED SPIN-OUT OF “TRIPLE POINT RESOURCES LTD.” St. John’s, Newfoundland and Labrador, June 30, 2022 – Atlas Salt Inc. (TSXV: SALT) (the “Company”) is pleased to announce that the Board of Directors has approved, in principle, the spin-out of the Company’s Fischell’s Brook Salt Dome Property and related mineral licenses comprising 226 sq. km in southwest Newfoundland. In connection with the spin-out the mineral licenses will be transferred to Triple Point Resources Ltd. (“Triple Point”), a subsidiary of the Company established for the purpose of the spin-out. Spin-Out Details: The spin-out will occur by way of a Plan of Arrangement (“the Arrangement”) under British Columbia laws, whereby shareholders of Atlas Salt will receive an aggregate of 23,750,000 common shares of Triple Point representing approximately 0.30 Triple Point shares per Atlas share held, based on the Company’s current outstanding shares; The final spin-out ratio is subject to any changes to the Atlas share structure […]