Stephenville Claims Form Part of Atlas' Planned Upcoming Triple Point Spinout

ST. JOHN’S, Newfoundland and Labrador, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Atlas Salt Inc. (TSXV: SALT) (OTCQB: REMRF) (the “Company” or “Atlas Salt”) is pleased to provide a corporate update with the leaders of Canada and Germany expected to sign a “Hydrogen Accord” at a news conference scheduled for early this evening (local time) in Stephenville, Newfoundland.

In addition to its flagship Great Atlantic Salt Project, approximately 25 km south of Stephenville, Atlas owns 100% of the Fischell’s Brook salt deposit, Newfoundland and Labrador’s only known salt dome with clean hydrogen storage potential. Fischell’s Brook is part of a 226 sq. km land package outside of Great Atlantic on the west coast of Newfoundland, including 75 sq. km of claims covering Stephenville and the surrounding area, that forms the planned upcoming Atlas spinout of Triple Point Resources Ltd.

Mr. Patrick Laracy, Atlas CEO, commented: “We have long recognized the enormous environmentally friendly resource potential of the west coast of Newfoundland. The Hydrogen Accord expected to be signed later today between Canada and Germany, and the location of this signing ceremony (Stephenville), validates the prolific opportunities in this district with Atlas owning two key advanced projects and highly prospective exploration ground. Unlocking the full value of Fischell’s Brook and other non-Great Atlantic salt assets is best accomplished through the proposed strategic spinout of Triple Point at a highly favorable share distribution ratio.”

Spinout Highlights:

• Atlas shareholders are reminded that a Special AGM will be held Wednesday, August 31, 2022, to vote on the proposed Plan of Arrangement as per an information circular posted on SEDAR and mailed to Atlas Salt shareholders;
• Subject to receipt of Atlas shareholder, regulatory and court approvals, the Date of Record for the distribution of 23,750,000 Triple Point shares will be on or about September 21, 2022. All Atlas shareholders qualify to receive one Triple Point share for approximately four Atlas shares owned as of the Date of Record;
• Triple Point has applied to list its common shares on the CSE following completion of the Plan of Arrangement, and Atlas Salt will continue to hold a significant ownership position in Triple Point.
  

PRmediaNow Interview with Rowland Howe & Patrick Laracy

“World class assets”: Atlas Salt President Rowland Howe and CEO Patrick Laracy discuss this news release with PRmediaNow’s Cyndi Edwards – click on the link below to view.

https://www.youtube.com/watch?v=bK2S4OfWZDY

Atlas Salt’s Advanced Projects in the Bay St. George Sub-Basin

About Atlas Salt

Atlas Salt owns 100% of the Great Atlantic Salt Project strategically located in western Newfoundland in the middle of the robust eastern North America road salt market. The project features a large homogeneous high-grade resource. Atlas Salt also owns the Fischell’s Brook salt dome and other mineral licenses on the west coast of Newfoundland, forming the proposed spinout of Triple Point Resources Ltd.

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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, among other things: completion of the proposed arrangement, receipt of required shareholder, court, stock exchange and regulatory approvals for the arrangement and the timing of the shareholder meeting. 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, 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: receipt of all required shareholder, court, stock exchange and regulatory approvals for the arrangement; fluctuations in the securities markets and applicable stock exchange approval for listing of the Triple Point common shares. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bb59971-264d-4b42-b9ea-eb3ddcfa8989