Atlas Salt announced the closing of its previously announced non-brokered private placement financing, raising aggregate gross proceeds of $1.25 million through the issuance of 961,539 flow-through common shares priced at $1.30 per share.
The financing is structured entirely as a flow-through offering under the Income Tax Act (Canada), enabling investors to receive certain tax benefits tied to qualifying exploration expenditures. Atlas Salt said the proceeds from the financing will be used to incur eligible Canadian exploration expenses that qualify as “flow-through mining expenditures” under the Tax Act.
According to the company, the capital will specifically support exploration work related to the nepheline discovery located on the company’s Black Bay Property in Southern Labrador. Nepheline is an industrial mineral used in a variety of manufacturing applications, including glass and ceramics production, and the discovery could expand the long-term resource potential of the property.
The financing represents another step in Atlas Salt’s broader strategy to advance its mineral exploration and mining development initiatives in Atlantic Canada while maintaining a focus on operational efficiency and sustainability.
All securities issued in connection with the offering are subject to a statutory hold period that will expire four months and one day from the issuance date, in accordance with applicable Canadian securities laws.
Atlas Salt is currently focused on developing what it describes as North America’s next salt mine. The company has emphasized responsible and sustainable mining practices as a core part of its strategy, highlighting environmental stewardship, innovation, and community engagement as central priorities as it advances its projects.
The company trades on the TSX Venture Exchange under the symbol SALT and on the OTCQX under the symbol SALQF.
