Atlas Salt Announces $10 Million Bought Deal LIFE Financing
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ST. GEORGE'S, Newfoundland and Labrador, May 31, 2026 (GLOBE NEWSWIRE) -- Atlas Salt Inc. (“Atlas Salt” or the “Company”) (TSXV: SALT; OTCQX: SALQF; FRA:9D00) announces that it has entered into an agreement with Ventum Financial Corp. on behalf of itself and Raymond James Ltd., as co-lead underwriters and co-lead bookrunners (together, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, an aggregate of 8,333,400 common shares of the Company (“Common Shares”) at a price of $1.20 per Common Share (“Offering Price”) for aggregate gross proceeds of $10,000,080 (the “Offering”).
The Company has also granted the Underwriters an option (the “Underwriter’s Option”) to purchase up to an additional 15% of the Common Shares at the Offering Price, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (“NI 45-106”), the Offering will be offered for sale to purchasers resident in all of the provinces of Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”). The Common Shares issuable pursuant to the Offering will not be subject to a hold period under applicable Canadian securities legislation. The Common Shares may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”).
There is an offering document (the “Offering Document”) related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company’s website at www.atlassalt.com. Prospective investors should read this Offering Document before making an investment decision.
The net proceeds received from the Offering will be used for early works and site preparation activities, detailed engineering and mine development planning, advancement of permitting and environmental workstreams, procurement planning and equipment studies, and advancement of project financing initiatives in connection with the Great Atlantic Salt Project, as well as for general corporate and working capital purposes, as further described in the Offering Document.
The Offering is scheduled to close on or about June 11, 2026 (“Closing Date”) or such other date as the Company and the Underwriters may agree in writing. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Atlas Salt
Atlas Salt is developing Canada’s next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
We seek safe harbour.
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to the anticipated closing of the Offering; the approval of the TSX Venture Exchange; the filing of the Offering Document; and the intended use of proceeds from the Offering. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, supply arrangements and financing; fluctuations in the spot and forward price of salt; geological, hydrological and climatic events; credit and liquidity risks; delays in receiving governmental approvals; adverse fluctuations in market prices and availability of commodities and equipment; and other risks described in the Company’s public filings. 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.
For information, please contact: Jeff Kilborn, CFO & VP Corporate Development investors@atlassalt.com (709) 275-2009
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