Source: Atlas Salt.
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  • Atlas Salt (SALT) closed the first tranche of a non-brokered private placement for gross proceeds of $5,000,000
  • Under the first tranche, the company issued 2,500,000 units at $2.00 per unit
  • The balance of the $10 million offering is fully subscribed and is expected to close on January 19, 2023
  • Net proceeds will be used for the advancement of the pre-production ‎development of the Great Atlantic Salt Project
  • Atlas Salt owns the Great Atlantic salt deposit located in Newfoundland

Atlas Salt (SALT) closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $5,000,000.

The balance of the $10 million offering is fully subscribed and is expected to close on January 19, 2023.

Under the first tranche, the company issued 2,500,000 units at $2.00 per unit. Each unit consisted of one common share and one-half of one common share ‎purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a ‎price of $2.40 on or before January 17, 2025.

The company paid cash finders’ fees of $350,000 and issued 175,000 finders’ warrants under the first tranche. 

Net proceeds will be used for general working capital purposes and the advancement and initiation of the pre-production ‎development of the Great Atlantic Salt Project on the west coast of Newfoundland. ‎

Atlas Salt Inc. (SALT) is up 0.1 on the day, trading at $2.14 per share at 3:30 pm ET.


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