- Vulcan Minerals (VUL) has announced that Atlas Salt, a related company, and Triple Point Resources have completed the spin-out of Triple Point through a plan of arrangement
- In line with the arrangement, Atlas Salt transferred ownership of mineral licences consisting of the Fischells Brook Salt Dome property to Triple Point
- Atlas Salt did the transfer of ownership in exchange for 20,000,000 common shares of Triple Point
- Triple Point has applied to list its shares on the Canadian Securities Exchange
- Vulcan Minerals is a precious and base metals exploration company based in St. John’s, Newfoundland
- Vulcan Minerals Inc. opened trading at $0.31 per share
Vulcan Minerals (VUL) announced that Atlas Salt and Triple Point Resources have completed the spin-out of Triple Point.
Atlas Salt transferred ownership of mineral licences consisting of the Fischells Brook Salt Dome property located in the Bay St. George Basin in Newfoundland and Labrador to Triple Point.
Atlas Salt did the transfer of ownership in exchange for 20,000,000 common shares of Triple Point.
Atlas Salt also purchased additional 17,700,000 common shares of Triple Point by way of a private placement and received further 13,500,000 common shares of Triple Point as reimbursement of exploration expenditures on the Fischells Brook Property.
Triple Point’s interest in the Fischells Brook Property is subject to a 3-per-cent net production royalty in favour of Vulcan Minerals Inc.
As part of the arrangement, Atlas Salt distributed 23,750,000 common shares of Triple Point that it received under the arrangement to holders of common shares of Atlas Salt on a pro-rata basis
Atlas Salt shareholders received one common share of Triple Point for 3.68 common shares of Atlas Salt held.
Vulcan as a shareholder of Atlas Salt, receives 7,832,350 shares in Triple Point, having held10.27 per cent of the outstanding shares of Triple Point.
Triple Point has applied to list its shares on the Canadian Securities Exchange, which is subject to Triple Point meeting all listing requirements.
“The spinout of Triple Point by Atlas Salt will accelerate the evaluation and development of the Fischell’s Brook property which is poised to take advantage of the clean energy opportunities quickly unfolding in western Newfoundland,” said Patrick Laracy, President.
Vulcan Minerals is a precious and base metals exploration company based in St. John’s, Newfoundland.
Vulcan Minerals Inc. opened trading at $0.31 per share.