Atlas Salt Announces $1.25 Million Flow- Through Financing
Atlas Salt Announces $1.25 Million Flow-
Through Financing
St. George's, Newfoundland and Labrador--(Newsfile Corp. - May 15, 2026) -
Atlas Salt Inc. (TSXV:
SALT) (OTCQX: SALQF)
("Atlas Salt" or the "Company")
announces that it has arranged a non-
brokered private placement (the "Offering) of
961,539 flow-through common shares of the Company (the
"FT Shares") at a price of $1.30 per FT Share for aggregate gross proceeds of
$1,250,000.
Each FT Share will qualify as a "flow-through share" for purposes of the
Income Tax Act
(Canada) (the
"Tax Act"). The gross proceeds raised from the issuance of the FT Shares will be used by the Company
to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures"
as such terms are defined in the Tax Act to advance exploration on the nepheline discovery at its Black
Bay Property in Southern Labrador. Analysis by SGS Lakefield of a bulk sample from Black Bay
suggests the nepheline is potentially amenable to processing to a high value product. This discovery,
which is yet to be tested to depth by drilling, is just six kilometres from tide water and is accessible by a
paved road.
Nolan Peterson, Chief Executive Officer of Atlas Salt, commented, "Since the initial discovery of
Nepheline Syenite at our Black Bay property, Atlas Salt has been eager to follow up on the early
evaluation of this occurrence. Shareholders should view this flow-through offering as a relatively low-cost
opportunity to uncover value and subsequently potentially monetize a non-core asset. While our focus
remains on advancing the Great Atlantic Salt Project, we look forward to commencing maiden drilling at
Black Bay."
Closing of the Offering is expected to occur on or about May 20, 2026 (the "Closing Date") and is
subject to customary closing conditions and regulatory approvals, including the approval of the TSX
Venture Exchange Inc. (the "TSXV").
The FT Shares will be offered by way of private placement pursuant to applicable exemptions from the
prospectus requirements under applicable securities laws. All FT Shares issued in connection with the
Offering are subject to a hold period of four months and one day following the Closing Date under
applicable Canadian securities laws.
The Company further announces that it has been approved for funding under the Province of
Newfoundland and Labrador's Junior Exploration Assistance ("JEA") 2026 program to support
exploration activities at Black Bay.
The Company also announces that it has retained the services of Renmark Financial Communications
Inc. for investor relations activities.
In consideration of the services to be provided, the monthly fees
incurred by Atlas Salt will be cash consideration of $10,000, starting June 1, 2026, for a period of seven
months ending on December 31, 2026, and monthly thereafter.
Renmark Financial Communications
does not have any interest, directly or indirectly, in Atlas Salt or its securities, or any right or intent to
acquire such an interest.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in
the United States. The securities have not been and will not be registered under the U.S. Securities Act
or any state securities laws and may not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Nepheline and Black Bay
Nepheline is an industrial mineral and a source of aluminum (Al2O3), sodium (Na2O) and potassium
(K2O) used primarily in the manufacture of glass, ceramics, extenders and fillers. Commercial nepheline
deposits are rare with only one mine in production in North America at Blue Mountain in Ontario. Though
feldspar is used as a substitute for nepheline because of nepheline's limited supply, nepheline is
generally a preferred material over feldspar due to its higher concentration of potassium and sodium
resulting in significant energy savings in industrial uses.
In July 2016, the Company acquired, by staking, the Black Bay nepheline property in Southern Labrador.
The property consists of a surface occurrence of nepheline syenite along the Southern Labrador
highway. The project is located approximately 6 kilometres from tide water. The Blanc Sablon, QC
airport is a 90-minute drive from the property.
In 2017 the Company obtained, through surface channel sampling, in excess of 3 tonnes of material to
assess the potential economic viability of the deposit. Results from the sampling indicated that the
contents of the rock are comparable to other commercial nepheline deposits and that initial beneficiation
tests were positive towards meeting industrial standards. The purpose of the drilling program is to further
quantify the deposit's mineralogical characteristics and evaluate the potential tonnage of the deposit.
About Atlas Salt
Atlas Salt is developing North America's next salt mine and is committed to responsible and sustainable
mining practices. With a focus on innovation and efficiency, the company is poised to make significant
contributions to the North American salt market while upholding its values of environmental stewardship
and community engagement.
For information, please contact:
Jeff Kilborn, CFO & VP Corporate Development
(709) 275-2009
We seek safe harbour.
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the
Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This press release includes certain "forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical fact, included herein, without limitation,
statements relating to the future operating or financial performance of the Company, are forward-
looking statements. Forward-looking statements are frequently, but not always, identified by words
such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur
or be achieved. Forward-looking statements in this press release relate to the anticipated closing of
the Offering; the approval of the TSX Venture Exchange; and the intended use of proceeds from the
Offering. Actual future results may differ materially. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon a number of assumptions and
estimates that, while considered reasonable by the respective parties, are inherently subject to
significant business, technical, economic, and competitive uncertainties and contingencies. Many
factors, both known and unknown, could cause actual results, performance or achievements to be
materially different from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements and the parties have made assumptions and estimates
based on or related to many of these factors. Such factors include, without limitation: the timing,
completion and delivery of required permits, supply arrangements and financing. Readers should not
place undue reliance on the forward-looking statements and information contained in this news
release concerning these times. Except as required by law, the Company does not assume any
obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
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