Karnalyte Resources Inc T.KRN

Alternate Symbol(s): KRLTF

Karnalyte Resources Inc. is a Canada-based development stage company. The Company is engaged in the exploration and development of its property and possible construction of a production facility and development of a potash mine. The property is situated in Saskatchewan, south of Wynyard and contains a dominant zone of potash and magnesium minerals. Its Wynyard Potash Project is a Carnallite/Sylvinite solution mining project in central Saskatchewan. It has a 100% interest in KLSA 010, KL 247A, and KL 246 mineral leases comprising approximately 367 square kilometers (km2) (90,766 acres) of mineral rights. It also owns around 4,100 acres of surface land. The project is located approximately 190 km east of Saskatoon, SK, or 176 km north of Regina, SK. It is also exploring the development of the Proteos Nitrogen Project. The Proteos Nitrogen Project is an advanced stage development project consisting of a proposed small-scale nitrogen fertilizer plant to be located in Central Saskatchewan.

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Karnalyte Resources Inc

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Post by MissingA9on Mar 14, 2016 12:33pm

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Post# 24655868

more details needed

So until the debt is repaid - GSFC will have control of the company (51% as per dual class share structure). I hope that the off take agreement is clearly laid out before this is put to shareholders otherwise existing retail shareholders will be at the whim of GSFC which, as far as I can see, will not have the incentive to repay this loan in a timely manner as the controlling stake in KRN allows for the pillaging of the resource (unless the details of the offtake are clearly documented). I am weary of having someone having a >50% stake as was the case with the WPX - Chinese experiment ....

Also, has anyone seen the number of shares needed to be floated to help finance this?

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