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. It is focused on two fertilizer products, potash and nitrogen, to be produced and manufactured in Saskatchewan. The Company owns the construction ready Wynyard Potash Project, with planned phase I 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. The Company 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.

TSX:KRN - Post by User

Karnalyte Resources Inc

Bullboard Posts

Post by jerichojon May 13, 2015 9:09pm

191 Views

Post# 23726509

$1,025,000 USD transferred to restricted account?

Subsequent to March 31,2015 The company transferred $1,025,000 in U.S. Funds to a restricted account and is not avalaible for the general purpose of the company. The funds are in relation to a consulting agreement with a related party and the corresponding obligations within the agreement.

if the money was not used for general purpose of the company whose getting paid off. It says it's not for the company. Must be nice to write cheques that aren't company related!!! Prepaying your lawyers with shareholders money. Also how did they spend $9 million from last year with nothing. No wells being drilled or tested, no new technical documents...nothing. What was $9 million spent on?

Regards

Bullboard Posts

How one company is disrupting PoC testing