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SASKATOON, SK, July 13, 2020 /CNW/ - Karnalyte Resources
Inc. ("Karnalyte" or the "Company") (TSX: KRN)
announces that, less than two weeks after its annual meeting, it
has received a requisition for a special meeting of shareholders
from a group of dissident shareholders comprising former Karnalyte
directors Peter Matson, Greg Szabo and Mark
Zachanowich for the election of four individuals to the
Board of Directors of the Company.
There is no action for shareholders to take at this time.
Karnalyte is currently reviewing the latest dissident shareholder
documents and will update shareholders in due course. The Company's
priority continues to be the completion of the previously announced
prefeasibility study and the work to engage a strategic
consultant.
About Karnalyte Resources Inc.
Karnalyte Resources Inc. is a development stage company focused
on two fertilizer products, potash and nitrogen, to be produced and
manufactured in Saskatchewan.
Karnalyte owns the construction ready Wynyard Potash Project, with
planned phase 1 production of 625,000 tonnes per year
("TPY") of high grade granular potash, and two subsequent
phases of 750,000 TPY each, taking total production up to 2.125
million TPY. Karnalyte is also exploring the development of the
Proteos Nitrogen Project, which is a proposed small-scale nitrogen
fertilizer plant with a nameplate production capacity of
approximately 700 metric tonnes per day ("MTPD") of ammonia
and approximately 1,200 MTPD of urea, and a target customer market
of independent fertilizer wholesalers in Central Saskatchewan.
SOURCE Karnalyte Resources Inc.
