Atlas Salt Inc. (TSX-V: SALT) (OTCQB: REMRF) is pleased to announce that it has entered into a definitive arrangement agreement with Triple Point Resources Ltd. with respect to the spin-out of the Company’s Fischell’s Brook Salt Dome Property and related mineral licenses comprising 226 sq. km in southwest Newfoundland.

Pursuant to the Agreement, the Company agreed to distribute 23,750,000 common shares of Triple Point to the shareholders of the Company on a pro-rata basis. The distribution of the Triple Point common shares to the Company’s shareholders is to be completed pursuant to a court-approved plan of arrangement. Atlas Salt will maintain a significant ownership position in Triple Point following the share distribution.

Triple Point has applied to list its common shares on the CSE following completion of the arrangement.

Closing of the transaction is subject to a number of conditions, including: (i) TSX Venture Exchange acceptance; (ii) shareholder approval; (iii) court approval of the plan of arrangement pursuant to the Agreement; and (iv) certain other customary conditions.

For further information regarding the proposed arrangement and related transactions, please refer to the Company’s news release dated June 30, 2022. Additional details regarding the arrangement are set out in the Agreement and the management information circular to be filed by the Company and mailed to its shareholders in connection with the arrangement, each of which will be available under the Company’s SEDAR profile at www.sedar.com.

The Triple Point securities referenced in this news release have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 mineral licenses in western Newfoundland, forming the proposed spin-out of Triple Point Resources Ltd.