On January 20, 2023, Atlas Salt Inc. closed the transaction. The company received CAD 10,000,000 total gross proceeds in the transaction. The company issued 2,500,000 units at a price of CAD 2.00 per unit for gross proceeds of CAD 5,000,000 in its second and final tranche closing. The transaction included participation from two large institutional investors. Each unit consisted of one common share and one-half of one common share purchase warrant for an aggregate of 2,500,000 common shares and 1,250,000 warrants. 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 on or before January 19, 2025. In connection with the first tranche, the company paid cash finder's fees of CAD 350,000 and issued 175,000 finder's warrants. Each finders' warrant entitles the holder to purchase one common share of the company for a period of 24 months from the date of issuance at a price of CAD 2.40 per warrant.

TSX Venture Exchange has accepted for filing documentation with respect to the non-brokered private placement. The transaction included participation from five placees .