- 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.