Atlas Salt and Triple Point Announce Closing of Triple Point Spin-Out
ATLAS SALT AND TRIPLE POINT ANNOUNCE CLOSING OF TRIPLE POINT SPIN-OUT St. John’s, Newfoundland and Labrador, September 22, 2022 – Atlas Salt Inc. (TSXV: SALT) (OTCQB: REMRF) (“Atlas Salt”) and Triple Point Resources Ltd. (“Triple Point”) are pleased to announce that the previously announced spin-out of Triple Point through a Plan of Arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) has been completed. The Arrangement was effective at 12:01 a.m. (Vancouver time) on September 22, 2022 (the “Record Date”). Pursuant to the Arrangement, Atlas Salt transferred ownership of the Fischell’s Brook Salt Dome and other mineral licenses prospective for salt domes to Triple Point in exchange for 20,000,000 common shares of Triple Point. Atlas Salt also purchased an additional 17,700,000 common shares of Triple Point for cash proceeds of $354,000, and received a further 13,500,000 common shares of Triple Point as a reimbursement of exploration expenditures on the Fischell’s Brook Property. […]