Atlas Salt (TSX-V:SALT) is conducting a non-brokered private placement to raise C$1.25 million ($1.27 million) to fund exploration at its Canadian projects.
Under the placement, 961,539 flow-through shares will be issued at C$1.30 per share. The funds will be used to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures at the Black Bay Project in Southern Labrador.
Analysis by SGS Lakefield of a bulk sample from Black Bay suggests the nepheline is potentially amenable to processing to a high-value product. The company says this discovery, which is yet to be tested to depth by drilling, is just six kilometers from tide water and is accessible by a paved road.
CEO Nolan Peterson says since the initial discovery of Nepheline Syenite at Black Bay, Atlas Salt has been eager to follow-up on the early evaluation of this occurrence.
“Shareholders should view this flow-through offering as a relatively low-cost opportunity to uncover value and subsequently potentially monetise a non-core asset,” Peterson says.
“While our focus remains on advancing the Great Atlantic Salt Project, we look forward to commencing our maiden drilling at Black Bay.”
The closing of the offering is expected to occur on 20 May 2026.
Nepheline is an industrial mineral and a source of aluminum, sodium, and potassium – used primarily in the manufacture of glass, ceramics, extenders, and fillers. Commercial nepheline deposits are rare with only one mine in production in North America at Blue Mountain in Ontario.
Atlas Salt is developing North America’s next salt mine and is committed to responsible and sustainable mining practices.
Write to Aaliyah Rogan at Mining.com.au
Images: Atlas Salt