ST. JOHN’S, Newfoundland and Labrador, May 03, 2022 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), has released it’s Audited Consolidated Financial Statements for the year ended December 31, 2021. The Company notes that its share ownership in Atlas Salt Inc. (TSX-V: SALT) (Atlas) was reduced from 63.03% as of December 31 2020 to 36.80 % as of December 31 2021 primarily as a result of various equity financings by Atlas during 2021. Accordingly, the Company determined as of October 31 2021, during the fourth quarter, that it no longer controlled Atlas in accordance with IFRS. As a result, the Company discontinued consolidating the assets and liabilities of Atlas and has recognized its investment in Atlas at fair value on October 31, 2021. The impact of this has been outlined in note 2 of the Company’s consolidated financial statements available on SEDAR.
The Company derecognized the net assets of Atlas, thus deconsolidated the financial position to be consolidated with the Company and now accounts for the retained investment in Atlas as an investment using the equity method. That investment is now shown on the December 31 2021 balance sheet as an asset with a value of $42,069,385 compared to a nil asset value for December 31 2020 when accounted for by the consolidated method. The company owns 28,891,000 shares of Atlas. Further information is provided in the financial statements.
Vulcan Minerals is a precious and base metals exploration company based in St. John’s, Newfoundland and Labrador. The company has strategic land positions in multiple active Newfoundland and Labrador gold and base metal exploration belts.
We seek safe harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.