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Atlas Salt to Raise $1.25 Million Via a Flow-Through Share Financing

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Atlas Salt (SALT.V) on Friday said it will raise up to $1.25 million in a private placement of flow-through shares.

The company said it will place 961,539 of the tax-advantaged shares priced at at $1.30 each.

Proceeds raised from the sale of the FT shares will be used to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" to advance exploration on the nepheline discovery at its Black Bay Property in Southern Labrador.

Closing of the offering is expected to occur on or about May 20.

"Since the initial discovery of Nepheline Syenite at our Black Bay property, Atlas Salt has been eager to follow up on the early evaluation of this occurrence," said Chief Executive Nolan Peterson. "Shareholders should view this flow-through offering as a relatively low-cost opportunity to uncover value and subsequently potentially monetize a non-core asset."

Shares of the company were last seen down $0.02 to $1.16 on the TSX Venture Exchange.

Price: $1.17, Change: $-0.01, Percent Change: -0.85%

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