Atlas Salt Inc. announced a non-brokered private placement for up to 5,000,000 units at a price of CAD 2 per unit for aggregate gross proceeds of up to CAD 10,000,000 on January 12, 2023. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one common share at a price of CAD 2.40 per share at any time two years from the closing of the transaction.

The transaction will include participation from strategic institutional investors. The transaction scheduled to close on or about January 16, 2023, or such later date as the company may determine, and is subject to certain conditions including, but not limited to, receipt of TSX Venture Exchange conditional acceptance. The company may pay certain eligible finders a finder's fee comprising a cash commission of up to 7% of the gross proceeds of the transaction and non-transferable finder's warrants of up to 7% of the number of common shares.

Such finder's warrants shall entitle the holder to acquire one common share of the company at a price of CAD 2.40 for a period of 24 months from the closing date.