News! 15th PR Sedar Nov 16th - Immigration Laws Canadian Immigration Laws – A Simple Question
- Concerned Shareholders, on behalf of all shareholders, would like to know if the GSFC engineers who travelled from India to work in Karnalyte’s offices in Saskatoon during the fall of 2019 had all necessary and appropriate work authorizations and permits.
- A simple question – did they have work permits – yes or no?
Saskatoon, SK,
November 16, 2020 — On July 7, 2020, a group of Karnalyte Resources Inc. (TSX: KRN) (“
Karnalyte”, “
KRN”, or the "
Company") shareholders (the “
Concerned Shareholders”), owning not less than 5% of the issued and outstanding shares of the Company, requisitioned (the “
Requisition”) the board of directors (the “
KRN Board”) of Karnalyte to call and hold a special meeting (the "
Special Meeting") of shareholders for the purpose of constituting the KRN Board with six (6) members, four (4) of whom are highly qualified nominees (the “
Shareholder Nominees”) to be proposed by the Concerned Shareholders, and two (2) of whom will be nominees (the “
GSFC Nominees”) of Gujarat State Fertilizers & Chemicals Limited (“
GSFC”), in accordance with GSFC’s contractual rights to appoint nominees to the KRN Board.
Canadian Immigration Laws
Focus on the Facts The Concerned Shareholders intend to focus on the facts.
Work Permits for Indian Engineers The Concerned Shareholders, on behalf of all shareholders, have a simple question for the Interim CEO and the KRN Board – did the Indian engineers employed by GSFC, who travelled to Karnalyte’s offices in Saskatoon to work for several weeks during the fall of 2019 on the nitrogen pre-feasibility study, have work permits? Yes or No?
The Concerned Shareholders would like to know: - is the question not clear or difficult to understand?
- why the Interim CEO and the KRN Board appear unable and/or unwilling to answer such a simple question?
- why the Interim CEO conspicuously avoided providing an answer to this simple question in Karnalyte’s October 26, 2020 press release, yet went into great detail to deny any culpability on all other matters?
- if the GSFC engineers did have all necessary authorizations to work and drive in Saskatoon, who in management and on the Board was aware of the existence of such authorizations?
- is this yet another example of GSFC’s and Karnalyte’s apparent failure to comply with Canadian laws?
Peter Matson, one of the Concerned Shareholders and amongst the five largest shareholders of Karnalyte, noted that: “
We believe it is a simple question, capable of a yes or no answer, and we find it very telling that the Interim CEO and the KRN Board clearly appear to be avoiding the question.” Mr. Matson continued: “
As we have noted many times before, Karnalyte’s silence is disturbing and disrespectful to all shareholders, and we sincerely hope this issue is not the latest, clear example of a total disregard for Canadian laws.” Contacts Peter Matson, on behalf of the Concerned Shareholders and the Nominees, welcomes the opportunity to engage with fellow shareholders. Mr. Matson can be reached at
peter.matson.bell@gmail.com.
Additional Information
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable securities laws. Although a record and meeting date for the Special Meeting was established by Karnalyte on July 27, 2020, shareholders are not being asked at this time to execute a proxy in favor of the Nominees. In connection with the Special Meeting, the Concerned Shareholders may file a dissident information circular in due course in compliance with applicable securities laws.
The Concerned Shareholders are not soliciting proxies in connection with the Special Meeting at this time. The Concerned Shareholders may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on behalf of the Concerned Shareholders. Any proxies solicited by or on behalf of the Concerned Shareholders, or by any other agent, may be solicited pursuant to a dissident information circular or by way of public broadcast, including through press releases, speeches or publications and by any other manner permitted under Canadian corporate and securities laws. Any such proxies may be revoked by instrument in writing executed by a shareholder or by his or her attorney authorized in writing or, if the shareholder is a body corporate, by an officer or attorney thereof duly authorized or by any other manner permitted by law.
The registered address of Karnalyte is located at 2100 Livingston Place, 222 3 Ave SW Calgary, AB T2P 0B4. A copy of this press release may be obtained on the Company’s SEDAR profile at
www.sedar.com.