The Board of Atlas Salt Inc. (TSXV:SALT) announced the spin off of 70% stake in Triple Point Resources Ltd. on June 30, 2022. The proposed spin-offs are intended to immediately unlock the value of these significant assets for shareholders as we continue to make exciting progress with our flagship Great Atlantic Project. As per the transaction, shareholders of Atlas Salt will receive an aggregate of 23,750,000 common shares of Triple Point representing approximately 0.30 Triple Point shares per Atlas share held. As a part of the transaction, Atlas Salt will transfer Fischell's Brook Salt Dome Property and related mineral licenses comprising 226 sq. km in southwest Newfoundland to Triple Point Resources Ltd. The transaction is subject to approval by Atlas shareholders, approval by court and stock exchange. As of September 1, 2022, the transaction is approved by shareholders of Atlas Salt Inc. and is expected to close this month. On September 7, 2022, the Supreme Court of British Columbia issued its final order approving a Plan of Arrangement. Atlas Salt has set 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 Board of Atlas Salt Inc. (TSXV:SALT) announced the spin off of 70% stake in Triple Point Resources Ltd. on September 22, 2022.