ST. JOHN’S, Newfoundland and Labrador, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V: VUL) announces that Atlas Salt Inc. (“Atlas Salt”), a related company, and Triple Point Resources Ltd. (“Triple Point”) have completed the spin-out of Triple Point through a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). The Arrangement was effective at 12:01 a.m. (Vancouver time) on September 22, 2022 (the “Record Date”).
Pursuant to the Arrangement, Atlas Salt transferred ownership of mineral licences comprising the Fischells Brook Salt Dome property located in the Bay St. George Basin in Newfoundland and Labrador (the “Fischells Brook Property”) to Triple Point in exchange for 20,000,000 common shares of Triple Point. Atlas Salt also purchased an additional 17,700,000 common shares of Triple Point by way of a private placement and received a further 13,500,000 common shares of Triple Point as a reimbursement of exploration expenditures on the Fischells Brook Property. Triple Point’s interest in the Fischells Brook Property is subject to a 3% net production royalty in favour of Vulcan Minerals Inc.
As part of the Arrangement, Atlas Salt distributed 23,750,000 common shares of Triple Point that it received under the Arrangement to holders of common shares of Atlas Salt (the “Atlas Salt Shareholders”) on a pro rata basis, such that Atlas Salt Shareholders as of the Record Date received one common share of Triple Point for 3.68 common shares of Atlas Salt held by such holder as at that time. As part of this distribution, Vulcan as a shareholder of Atlas Salt receives 7,832,350 shares in Triple Point being 10.27 % of the outstanding shares of Triple Point.
Triple Point has applied to list its shares on the Canadian Securities Exchange which is subject to Triple Point meeting all listing requirements.
Patrick Laracy, President commented “The spinout of Triple Point by Atlas Salt will accelerate the evaluation and development of the Fischell’s Brook property which is poised to take advantage of the clean energy opportunities quickly unfolding in western Newfoundland. Vulcan’s interest in Triple Point will provide shareholders with significant exposure to these developments.”
Additional information regarding the spinout is available at www.atlassalt.com
Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland. The company has strategic land positions in multiple active Newfoundland gold exploration and development belts. It also holds approximately 33% of the shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is carrying out a feasibility analysis on its Great Atlantic Salt deposit in western Newfoundland strategically located in the robust road de-icing market of eastern North America.
We seek safe harbour.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.