Vulcan Minerals Inc. - 2021 Financial Statements
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
News Release
May 03, 2022
Vulcan Minerals Inc. - 2021 Financial Statements
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” -
“Vulcan” TSX-V: VUL), has released it’s Audited Consolidated Financial Statements
for the year ended December 31, 202 1. The Company notes that its share
ownership in Atlas Salt Inc. ( TSX-V: SALT) ( Atlas) was reduced fro m 63.03% as of
December 31 202 0 to 3 6.80 % as of December 31 202 1 primarily as a result of
various equity financings by Atlas during 2021. Accordingly, the Company
determined as of October 31 2021 , during the fourth quarter, that it no longer
controlled Atlas in accordance with IFRS. As a result, the Company discontinued
consolidating the assets and liabilities of Atlas and has recognized its investment in
Atlas at fair value on October 31, 2021. The impact of this has been outlined in
note 2 of the Company’s consolidated financial statements available on SEDAR.
The Company derecognized the net assets of Atlas, thus deconsolidated the
financial position to be consolidated with the Company and now accounts for the
retained investment in Atlas as an investment using the equity method. That
investment is now shown on the December 31 2021 balance sheet as an asset with
a value of $42,069,385 compared to a nil asset value for December 31 2020 when
accounted for by the consolidated method. The company owns 28,891,000 shares
of Atlas. Further information is provided in the financial statements.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
About Vulcan
Vulcan Minerals is a precious and base metals exploration company based in St.
John’s, Newfoundland and Labrador. The company has strategic land positions in
multiple active Newfoundland and Labrador gold and base metal exploration belts.
We seek safe harbour.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release. This release may contain certain forward-
looking statements. Actual events or results may differ from the Company’s
expectations. Certain risk factors beyond the Company’s control may affect the
actual results achieved. Accordingly, readers are advised not to place undue
reliance on forward -looking information. Except by law, the Company undertakes
no obligation to publicly update or revise forward-looking information.
For information please contact:
Patrick J. Laracy, P .Geo.
President
(709) 754-3186
www.vulcanminerals.ca