Atlantic Industrial Announces Closing of Debt Settlement

ATLANTIC INDUSTRIAL ANNOUNCES CLOSING OF DEBT SETTLEMENT

April 9, 2021 – Bedford, Nova Scotia – Atlantic Industrial Minerals Incorporation (NEX: ANL.H)

(the “Company”) is pleased to announce that, further to its press release of February 19, 2021, it has settled

an aggregate of $81,057.90 of indebtedness owed to certain arm’s length creditors through the issuance of

an aggregate of 1,621,158 common shares (“Common Shares”) of the Company at a deemed price of $0.05

per Common Share (the “ Debt Settlement ”). The Debt Settlement remains subject to receipt of all

necessary corporate and regulatory approvals, including the approval of the NEX.

All Common Shares issued in connection with the Debt Settlement are subject to a statutory hold period of

four months plus a day from the date of issuance in accordance with applicable securities legislation.

The settlement of an aggregate indebtedness of $ 410,000 owed to certain non- arm’s length creditors

through the issuance of an aggregate of 1,640,000 Common Shares of the Company (the “ Non-Arm’s

Length Debt Settlement”) is subject to the approval of the NEX and receiving disinterested shareholder

approval, which the Company will be seeking at the special meeting of shareholders of the Company to be

held on June 4, 2021. The Common Shares issued pursuant to the Non-Arm’s Length Debt Settlement will

be issued after the completion of the proposed name change and consolidation of the Company’s issued

and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for every five

(5) pre-consolidation Common Shares at a deemed price of $0.25.

For more information, please contact:

J. Francois Lalonde

Chief Executive Officer

Tel: (905) 832-5555

Email: [email protected]

Neither 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.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information

is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar

words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks,

uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed

or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-

looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodi ty

prices, delays in obtaining required regulatory or governmental approvals, and includes those risks set out in the Company’s

management’s discussion and analysis as filed under the Company’s profile at www.sedar.com . Forward-looking information in

this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including

that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes

that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue

reliance should not be placed on such information. The Company disclaims any intention or obligation to upd ate or revise any

forward-looking information, other than as required by applicable securities laws.