Vulcan Minerals Inc. – Atlas Salt Completes Plan for Arrangement, The Canadian Business Journal

st. JOHN’S, NEWFOUNDLAND AND LABRADOR, SEPTEMBER 23, 2022 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“Company” – “Vulcan” TSX-V: VUL) announced that its affiliates, Atlas Salt Inc. (“Atlas Salt”) and Triple Point Resources Ltd. (“Triple Point”), have acquired a spin-out of Triple Point, Business corporation law (British Columbia) ( “Arrangement”).

Pursuant to the agreement, Atlas Salt will acquire ownership of the mineral licenses comprising the assets of the Fishels Brook Salt Dome in the Bay St. George Basin of Newfoundland and Labrador (the “Fishels Brook Assets”) for 20,000,000 shares of Triple’s common stock. Transferred to Triple Points in exchange for shares. point. Atlas Salt also purchased an additional 17,700,000 shares of Triple Point common stock in a private placement 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 Fishersbrook 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 to holders of Atlas Salt common stock (“Atlas Salt Shareholders”) on a pro-rata basis. As of the record date, the holder received one share of Triple Point common stock for each 3.68 shares of Atlas Salt common stock held by the holder at that time. As part of this distribution, Vulcan, as a shareholder of Atlas Salt, will receive his 7,832,350 shares of Triple Point representing his 10.27% of Triple Point’s outstanding shares.

Triple Point has applied to list its shares on the Canadian Stock Exchange, subject to Triple Point meeting all listing requirements.

President Patrick Laracy commented: Vulcan’s interest in his Triple Point provides shareholders with significant exposure to these developments. ”

Additional information regarding the spinout is available at www.atlassalt.com.

About Vulcan

Vulcan Minerals is a precious and base metal exploration company based in St. John’s Newfoundland. The company has strategic sites in multiple active Newfoundland gold exploration and development belts. It also owns approximately 33% of the shares of Atlas Salt Inc. (TSXV: SALT). Atlas Salts is conducting a feasibility analysis of the Great Atlantic Salt Deposit in West Newfoundland, which is strategically located in the strong road deicing market of eastern North America.

We want safe harbors.

TSX Venture Exchange has not reviewed and is not responsible for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from our expectations. Certain risk factors beyond our control may affect the actual results achieved. Readers are therefore advised not to place undue reliance on forward-looking information. We undertake no obligation to publicly update or revise any forward-looking information, except as required by law.

For more information, please contact:
Patrick J. Larracey, P. Gio.
president
(709) 754-3186
[email protected]
www.vulcan minerals.ca

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