Business
Atlas Salt Announces $1.25 Million Flow-Through Financing
St. George's, Newfoundland and Labrador--(Newsfile Corp. - May 15, 2026) - Atlas Salt Inc. (TSXV: SALT) (OTCQX: SALQF) ("Atlas Salt" or the "Company") announces that it has arranged a non-brokered private placement (the "Offering) of 961,539 flow-through common shares of the Company (the "FT Shares") at a price of $1.30 per FT Share for aggregate gross proceeds of $1,250,000.Each FT Share will qualify as a "flow-through share" for purposes of the Income Tax Act (Canada) (the "Tax Act"). The...
About this update from Atlas Salt Inc
St. George's, Newfoundland and Labrador--(Newsfile Corp. - May 15, 2026) - Atlas Salt Inc. (TSXV: SALT) (OTCQX: SALQF) ("Atlas Salt" or the "Company") announces that it has arranged a non-brokered private placement (the "Offering) of 961,539 flow-through common shares of the Company (the "FT Shares") at a price of $1.30 per FT Share for aggregate gross proceeds of $1,250,000. Each FT Share will qualify as a "flow-through share" for purposes of the Income Tax Act (Canada) (the "Tax Act"). The gross proceeds raised from the issuance of the FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Tax Act to advance exploration on the nepheline discovery at its Black Bay Property in Southern Labrador. Analysis by SGS Lakefield of a bulk sample from Black Bay suggests the nepheline is potentially amenable to processing to a high value product. This discovery, which is yet to be tested to depth by drilling, is just six kilometres from tide water and is accessible by a paved road. Nolan Peterson, Chief Executive Officer of Atlas Salt, commented, "Since the initial discovery of Nepheline Syenite at our Black Bay property, Atlas Salt has been eager to follow up on the early evaluation of this occurrence. Shareholders should view this flow-through offering as a relatively low-cost opportunity to uncover value and subsequently potentially monetize a non-core asset. While our focus remains on advancing the Great Atlantic Salt Project, we look forward to commencing maiden drilling at Black Bay." Closing of the Offering is expected to occur on or about May 20, 2026 (the "Closing Date") and is subject to customary closing conditions and regulatory approvals, including the approval of the TSX Venture Exchange Inc. (the "TSXV"). The FT Shares will be offered by way of private placement pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. All FT Shares issued in connection with the Offering are subject to a hold period of four months and one day following the Closing Date under applicable Canadian securities laws. The Company further announces that it has been approved for funding under the Provi...