Atlas Salt Announces Institutionally Targeted Strategic Private Placement for Up to $10 Million
Summary
ST. JOHNS, Newfoundland and Labrador, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Atlas Salt (the Company or Atlas - TSXV: SALT; OTCQB: REMRF), 100% owner of North Americas premier undeveloped high-grade salt project, announces a non-brokered private placement for up to five million units at a price of $2.00 per unit for aggregate gross proceeds of up to $10,000,000 (the Offering) targeting strategic institutional investors.Each unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one common share at a price of $2.40 per share at any time two years from the closing of the Offering.The Offering is scheduled to close on or about January 16, 2023 (the Closing Date), or such later date as the Company may determine, and is subject to certain conditions including, but not limited to, receipt of TSX Venture Exchange conditional acceptance.The Company may pay certain eligible finders a finders fee comprising a cash commission of up to 7% of the gross proceeds of the Offering and non-transferable finders warrants of up to 7% of the number of Common Shares. The project features a large homogeneous high-grade resource located immediately next to a deep water port. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7edbecd6-3e78-4772-a38e-c9bd1ac71712