Atlas Salt Receives Shareholder Approval for Plan of Arrangement with Triple Point
ST. JOHN’S, Newfoundland and Labrador, Sept. 01, 2022 (GLOBE NEWSWIRE) — Atlas Salt Inc. (TSXV: SALT) (OTCQB: REMRF) (the “Company” Where “Atlas salt”) is pleased to announce that at its annual and special general meeting held yesterday, the holders of common shares of Atlas Salt (the “Shareholders) voted overwhelmingly in favor of the special resolution to approve the proposed plan of arrangement (the “Arrangement”) with Triple Point Resources Ltd. (“triple point“) under the Business Corporations Act (British Columbia).
The Special Arrangement Resolution was approved by 99.99% of votes cast by shareholders yesterday. In addition, the Arrangement has been approved by a majority of minority shareholders voting at the Meeting in accordance with the requirements of the TSX Venture Exchange.
Closing of the Arrangement is expected to occur this month and is subject to the receipt of a final order from the Supreme Court of British Columbia expected on or about September 7, 2022, and the final acceptance of the TSX Venture Exchange to the Company’s disposal of Triple Point Shares pursuant to the Arrangement.
Approaches to the share distribution date
The date of registration for the distribution of 23,750,000 Triple Point shares will be on or about September 21, 2022. All Atlas shareholders are eligible to receive one Triple Point share for approximately four Atlas shares held on the record date.
Triple Point has applied to list its shares on the Canadian Securities Exchange. Registration remains subject to meeting the CSE registration requirements.
For further information regarding the proposed arrangement and related transactions, please see the management information circular dated July 14, 2022, available under Atlas Salt’s profile on SEDAR at www.sedar .com.
Other AGM Details
At the meeting, the shareholders also approved the annual questions. All five board appointees were re-elected, namely Patrick Laracy, Timothy Rowland Howe, Fraser Edison, Carson Noel and John Anderson. Shareholders also reappointed PricewaterhouseCoopers LLP as auditors of Atlas Salt and approved the company’s 10% stock option plan.
About Atlas Salt
Atlas Salt owns 100% of the Great Atlantic salt field, strategically located in western Newfoundland, in the midst of the robust road salt market of eastern North America. The project has a large homogeneous high-grade resource. Atlas Salt also owns the Fischell’s Brook salt dome and other mining licenses in western Newfoundland, forming the proposed spin-off of Triple Point Resources Ltd.
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Certain information contained herein constitutes forward-looking information or statements (“forward-looking statements”) under applicable securities laws and rules. These statements include, but are not limited to, statements regarding the expected completion of the Arrangement. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of Atlas Salt are materially different from those expressed or implied by such forward-looking statements, including, but not limited to: (i) any failure of the parties to satisfy the conditions of achievement the arrangement on acceptable terms or not at all; and (ii) receipt of necessary stock market and judicial approvals. Although Atlas Salt’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be not those anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Atlas Salt will not update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
TSX Venture Exchange Disclaimer
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.