Atlas SALT Announces Closing of First Tranche of Strategic $10 Million Private Placement
TSXV: SALT
333 Duckworth Street, St. John's
NL, A1C 1G9
Telephone: (709) 754-3186
Fax: (709) 754-3946
AtlasSalt.com
ATLAS SALT ANNOUNCES CLOSING
OF FIRST TRANCHE OF STRATEGIC $10 MILLION
PRIVATE PLACEMENT
St. John’s, Newfoundland and Labrador, January 17, 2023 – Atlas Salt (the “Company” or “Atlas” -
TSXV: SALT; OTCQB: REMRF), 100% owner of North America’s premier undeveloped high-grade salt
project, is pleased to announce that further to its news release dated January 12, 2023, it has successfully
closed the first tranche (“First Tranche”) of its $10 million non-brokered private placement (the “Offering”).
The balance of the $10 million Offering is fully spoken for and is expected to close January 19, 2023.
In the First Tranch e the Company issued an aggregate of 2,500,000 units (the “Units”) at a price of $2.00
per Unit for gross proceeds of $5,000,000. Each Unit consisted of one common share of the Company and
one-half of one common share purchase warrant for an aggregate of 2,500,000 common shares and 1,250,000
warrants. Each full warrant will entitle the holder thereof to purchase one common share at a price of $2.40
per share at any time on or before January 17, 2025.
In connection with the First Tranche, the Company paid cash finder s’ fees of $350,000 and issued 175,000
finders’ warrants. Each finders’ warrant entitles the holder to purchase one common share of the Company
for a period of 24 months from the date of issuance at a price of $2.40 per warrant.
The Company intends to use the proceeds raised from the Offering for general working capital purposes and
the advancement and initiation of the pre -production development of the Great Atlantic Salt Project on the
west coast of Newfoundland.
The Units were sold to purchasers resident in Canada pursuant to the listed issuer financing exemption under
Part 5A of National Instrument 45-106 - Prospectus Exemptions (the “Listed Issuer Financing Exemption”).
Since the Offering was completed pursuant to the Listed Issuer Financing Ex emption, the securities issued
in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. The First
Tranche was conditionally approved by the TSX Venture Exchange (the “Exchange”) on January 13, 2023.
The Closing of the First Tranche remains subject to final acceptance by the Exchange.
The securities described herein have not been, and will not be, registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered
or sold in the United States or to, or for the account or benefit of, United States ’ persons absent registration
or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S.
state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to
buy securities in the United States, nor in any other jurisdiction.
Atlas Salt Corporate Video
Click on the following link to view the Company’s latest corporate video:
https://youtu.be/RlH5--Q2Vu0
Project Map
About Atlas Salt
Bringing the Power of SALT to Investors: 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.
We seek Safe Harbor.
For information, please contact:
Patrick J. Laracy, CEO
(709) 754-3186
Email: [email protected]
MarketSmart Communications Inc.
Adrian Sydenham
Toll-free: 1-877-261-4466
Email: [email protected]
TSXV: SALT
333 Duckworth Street, St. John's
NL, A1C 1G9
Telephone: (709) 754-3186
Fax: (709) 754-3946
AtlasSalt.com
Forward-Looking Statements
This press release includes certain "forward -looking information" and "forward -looking statements" (collectively "forward -
looking statements") within the meaning of applicable Canad ian 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", "co uld", or "should" occur or be achieved. Forward -looking statements in this press
release relate to, among other things: statements relating to the successful closing of the Offering and anticipated timing thereof
and the intended use of proceeds. 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, econ omic, 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 the
referenced assessments and analysis. 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.
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.