Atlas SALT and Triple Point Announce Closing of Triple Point Spin-Out
TSXV: SALT
333 Duckworth Street, St. John's
NL, A1C 1G9
Telephone: (709) 754-3186
Fax: (709) 754-3946
AtlasSalt.com
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. Triple Point’s interest in
the Fischell’s Brook Property is subject to a 3% net production royalty in favour of Vulcan Minerals Inc.
As part of the Arrangement, Atlas Salt distributed 23,750,000 common shares of Triple Point that it
received under the Arrangement to holders of common shares of Atlas Salt on a pro rata basis, such that
Atlas Salt shareholders as of 12:01 a.m. on the Record Date received one share of Triple Point for every
3.68 shares owned of Atlas. No additional action is required by registered Atlas Salt shareholders in
order to receive common shares of Triple Point, and they will retain any certificates or direct registration
statements representing their common shares of Atlas Salt . It is expect ed that DRS statements
representing the common shares of Triple Point to which the registered Atlas Salt shareholders are
entitled to under the Arrangement will be mailed out on September 27, 2022.
The securities referenced in this news release have not and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not
be offered or sold within the United States unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
Triple Point has applied to list its shares on the Canadian Securities Exchange (CSE) which is subject to
Triple Point meeting all listing requirements.
About Atlas Salt
Atlas Salt owns 100% of the Great Atlantic salt deposit strategically located in western Newfoundland
in the middle of the robust eastern North America road salt market. The project features a large
homogeneous high-grade resource located immediately next to a deep water port. Atlas is also the largest
shareholder in Triple Point Resources as it pursues development of the Fischell’s Brook Salt Dome in
the heart of an emerging Clean Energy Hub on the west coast of Newfoundland.
About Triple Point
Triple Point owns the Fischell’s Brook Salt Dome mineral rights, Newfoundland & Labrador’s only
known salt dome, and a total of 226 sq. km of mineral licenses prospective for salt on the west coast of
Newfoundland. The Company has applied to list its shares on the Canadian Securities Exchange (CSE)
which is subject to Triple Point meeting all listing requirements. Triple Point looks forward to updating
shareholders on its progress in the near future.
For information with respect to Atlas Salt, please contact:
Patrick J. Laracy, CEO
(709) 754-3186
MarketSmart Communications Inc.
Adrian Sydenham
Toll-free: 1-877-261-4466
Email: [email protected]
For information with respect to Triple Point, please contact:
John Anderson, Chairman
(604) 218-7400
Julie Lemieux, CEO
(403) 554-1562
Forward-Looking Statements
Certain information contained herein constitutes forward-looking information or statements ("forward looking statements")
under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions,
events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward
looking. Although the Company believes the expectations expressed in such forward -looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may
differ materially from those in forward-looking statements. There is no guarantee that Triple Point will be listed on a stock
exchange. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on
their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except
as required under the applicable laws.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.