Atlas Salt Receives Court Approval for Plan of Arrangement With Triple Point

ST. JOHN’S, Newfoundland and Labrador, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Atlas Salt Inc. (TSXV: SALT) (OTCQB: REMRF) (the “Company” or “Atlas Salt”) is pleased to announce that on September 7, 2022, the Supreme Court of British Columbia issued its final order approving a Plan of Arrangement (the “Arrangement”) with Triple Point Resources Ltd. (“Triple Point”).

The Company has set 12:01 a.m. on September 22, 2022, as the effective time and date for the closing of the Arrangement. Shareholders of record as at the close of business on September 21, 2022, will be entitled to receive one Triple Point share for approximately 3.58 Atlas shares owned. The exact number of Triple Point shares to be issued for each Atlas Salt share will be determined on the effective date.

Triple Point has applied to list its shares on the Canadian Securities Exchange which is subject to Triple Point meeting all listing requirements.

About Atlas Salt

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. Atlas Salt also owns the Fischell’s Brook salt dome and other related mineral licenses in western Newfoundland, forming the proposed spin-out of Triple Point Resources Ltd.

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Forward-Looking Statements

Certain information contained herein constitutes forward-looking information or statements ("forward looking statements") under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results or developments may differ materially from those in forward-looking statements. There is no guarantee that the Company will complete the plan of arrangement as contemplated herein or at all, or if completed, that Triple Point will be listed on a stock exchange. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

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