- Stephenville claims form part of Atlas’ (SALT) planned upcoming Triple Point spinout
- In addition to its flagship, Great Atlantic Salt Project Atlas owns 100 per cent of the Fischell’s Brook salt deposit
- Fischell’s Brook is part of a 226 sq. km land package outside of Great Atlantic on the west coast of Newfoundland
- Atlas shareholders are scheduled to hold a special AGM on Wednesday, August 31, 2022, to vote on the proposed plan of arrangement
- Atlas Salt (SALT) is up 1.45 per cent, trading at C$4.19 at 12:13 pm EST
Atlas Salt (SALT) is looking forward to the signing of a “Hydrogen Accord” by leaders of Canada and Germany in Stephenville, Newfoundland.
In addition to its flagship Great Atlantic Salt Project, around 25 km south of Stephenville, Atlas owns 100 per cent 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 Great Atlantic on Newfoundland’s west coast, including 75 sq. km of claims covering Stephenville and the surrounding area.
Patrick Laracy, the company CEO, said, “The Hydrogen Accord is expected to be signed 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 a 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 favourable share distribution ratio,” added Laracy.
Atlas shareholders are scheduled to hold a special AGM on Wednesday, August 31, 2022, to vote on the proposed plan of arrangement.
Triple Point has applied to list its common shares on the CSE following the completion of the plan of arrangement, and Atlas Salt will continue to hold a significant ownership position in Triple Point.
Atlas Salt owns 100 per cent of the Great Atlantic Salt Project 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 (SALT) is up 1.45 per cent, trading at C$4.19 at 12:13 pm EST.