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SASKATOON, SK, Dec. 15, 2020 /CNW/ - Karnalyte Resources Inc.
("Karnalyte" or the "Company") (TSX: KRN) announced
the results of the special meeting (the "Meeting") of the
Company's shareholders held earlier today in Saskatoon, Saskatchewan and overwhelming
support against the removal of the current directors of the
Company.
"On behalf of the Board, I thank our shareholders for their
strong support in this vote," said Vishvesh
D. Nanavaty, Chairman of the Board of Directors. "During the
course of this proxy contest, we connected with many shareholders
regarding their thoughts on Karnalyte and moving the business
forward. This feedback was valuable and – as always – will be
considered by the Board and management."
Mr. Nanavaty concluded: "The voting results clearly indicate
strong shareholder support for the steps the Board and management
are taking to evaluate the opportunities available with respect to
the Wynyard Potash project and to make a sound, well-informed
decision on the potential viability of the Nitrogen Project prior
to investing significant resources into it. I would also like to
express the Board's continued gratitude for the disciplined focus
of our very capable management team, who continue to ably guide
Karnalyte and exhibited both skill and professionalism throughout
the proxy contest."
At the meeting, 26,822,932 shares were voted, representing
63.60% of the Company's issued and outstanding common shares. The
voting results for all matters brought forth at the Meeting are set
out below.
REMOVAL OF DIRECTORS
|
NUMBER OF SHARES
VOTED IN
FAVOR
|
% IN
FAVOR
|
NUMBER OF
SHARES
VOTED AGAINST
|
%
AGAINST
|
|
7,347,209
|
27.39
|
19,475,723
|
72.61%
|
THE ELECTION AS DIRECTORS OF THE COMPANY OF NEIL YELLAND,
JOE CLAVELLE, JOE VIDAL, TODD ROWAN AND TWO GSFC
NOMINEES
As a result of the overwhelming support against the removal of
the current directors of the Company, the motion to elect a
replacement Board was not considered. Shareholders, however, voted
or instructed their proxyholders to vote, in the following
manner:
|
NUMBER OF SHARES
VOTED IN
FAVOR
|
% IN
FAVOR
|
NUMBER OF
SHARES
WITHHELD
|
%
WITHHELD
|
|
4,377,245
|
16.32
|
22,445,687
|
83.68
|
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.