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Atlas Salt and Triple Point Announce Completion of Triple Point Spinout, Canadian Business Journal

st. JOHN’S, NEWFOUNDLAND AND LABRADOR, SEPTEMBER 22, 2022 (GLOBE NEWSWIRE) — Atlas Salt Co., Ltd. (TSXV: SALT) (OTCQB: REMRF) (“atlas salt”) and Triple Point Resources Ltd. (“triple point”) is a previously announced spin-out of Triple Points, Business corporation law (British Columbia) (“Arrangement”) completed. The Arrangements became effective at 12:01 am (Vancouver time) on September 22, 2022 (the “Record Date”).

Pursuant to the arrangement, Atlas Salt has transferred Fishel’s ownership of Brooksalt Dome and other mineral licenses expected of Salt Dome to TriplePoint in exchange for 20,000,000 shares of TriplePoint common stock. Atlas Salt also purchased 17,700,000 shares of Triple Point common stock for $354,000 in cash and received an additional 1,350,000 shares of Triple Point common stock as reimbursement of exploration costs for the Fishersbrook property. Triple Point’s ownership of the Fischell’s Brook property is subject to his 3% net production royalty in favor of Vulcan Minerals Inc.

As part of the arrangement, Atlas Salt distributed 23,750,000 shares of Triple Point common stock received under the arrangement on a pro-rata basis to holders of Atlas Salt common stock. For every 3.68 Atlas shares he owned, he received 1 Triple Point share. Registered stockholders of Atlas Salt do not need to take any further action to receive Triple Points common stock and hold a deed or direct registration letter representing Atlas Salt common stock. His DRS statement will be mailed on September 27, 2022, representing Triple Point common stock to which Atlas Salt shareholders of record are entitled.

None of the securities referenced in this news release have been registered, nor will they be registered, under the United States Securities Act of 1933 (the “US Securities Act”) or state securities laws. Registered under the securities laws of the United States and applicable state securities laws or an exemption from such registration is available.

Triple Point has applied to list its shares on the Canadian Stock Exchange (CSE). This is subject to Triple Point meeting all listing requirements.

About Atlas Salt

Atlas Salt owns 100% of the Atlantic salt deposits and is strategically located in western Newfoundland in the middle of the robust road salt market in eastern North America. The project features a large, homogenous, high-grade resource located right next to a deepwater port. Atlas is also the largest shareholder in Triple Point He Resources, which is pursuing the development of the Fishelsbrook Salt Dome at the heart of a new clean energy hub on Newfoundland’s west coast.

About triple points

Triple Point owns mining rights to the Fishels Brook Salt Dome, the only known salt dome in Newfoundland and Labrador, and a mineral license totaling 226 sq km expected to be mined for salt on Newfoundland’s west coast doing. The Company has applied to list its shares on the Canadian Stock Exchange (CSE) eligible for triple points meeting all listing requirements. Triple Point looks forward to updating shareholders on progress in the near future.

For information about Atlas Salt, please contact:

For information about Triple Point, please contact:

Forward-Looking Statements

Certain information contained herein constitutes forward-looking information or statements under applicable securities laws and regulations (“forward-looking statements”). Forward-looking information generally uses forward-looking terms such as “will” or variations of words, phrases, or statements stating that a particular action, event, or outcome “will occur.” can be identified by All statements other than statements of historical fact are considered forward-looking. Although we believe that 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 forward-looking statements. There is no guarantee that Triple Point will be listed on a stock exchange. There can be no assurance that such statements are accurate and readers are advised to rely on their own assessment of such uncertainties. We undertake no obligation to update any forward-looking statements, except as required by applicable law.

TSX Venture Exchange Disclaimer

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

CBJ Newsmaker

Atlas Salt and Triple Point Announce Completion of Triple Point Spinout, Canadian Business Journal

Source link Atlas Salt and Triple Point Announce Completion of Triple Point Spinout, Canadian Business Journal

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