RE:Did KRN take/answer any questions during the AGM Pp, at the end of the day what does it really mean when a corporation reports they are in discussions with numerous potential partners? Shareholders are becoming very wary of being updated on what the company intends to do, compared to what actually transpires as the treasury continues to deplete.
Here is a nitrogen update to shareholders comment May 14, 2018 in which can be argued a site location could not even be agreed upon by all parties in 3 years
Development Schedule & Milestones: Initial Work: Initial work undertaken to date by the Company to investigate this opportunity includes:
- Analysis of the Canadian and North American nitrogen fertilizer industry and end markets
- Completion of a preliminary fatal flaw analysis, indicating no major impediments or barriers to entry to the development of the project
- Development of a preliminary financial model, with the assistance of GSFC, based on their nitrogen fertilizer experience
Next Steps: Next steps will include project definition and independent market analysis:
- Karnalyte has engaged a recognized fertilizer industry research firm to undertake a formal, independent market study
- The Company is currently in discussions with engineering companies and technology providers to develop the project definition and the scope of a feasibility study (the "Nitrogen Feasibility Study") to confirm the technical and economic viability of the project, initial and sustaining capital costs, operating costs, together with a detailed project development schedule and budget
- Several potentially suitable project sites have been identified and Karnalyte is currently undertaking due diligence on each of the prospective sites
- All necessary environmental baseline work for an environmental impact assessment (the "EIA") will commence once a suitable plant site has been secured
Milestones: Near term, indicative project development milestones include:
| | • | Project Definition and Initiation of Nitrogen Feasibility Study | | Second Half 2018 |
| | • | Project site identification and due diligence | | Second Half 2018 |
| | • | Completion of Independent Market Analysis | | Second Half 2018 |
| | • | Initiation of Environmental Baseline Studies: | | Second Half 2018 |
| | • | Completion of Nitrogen Feasibility Study: | | First Half 2019 |
| | • | Completion of EIA Technical Report / EIA Terms of Reference | | First Half 2019 |
| | • | Submission of EIA Application: | | First Half 2019 |
A more detailed project development schedule and budget will be created as part of the Nitrogen Feasibility Study. All initial development activities for the first phase of investigation of this opportunity will be funded from working capital.
“As part of repositioning, refocusing and rebranding the Company's business to reflect the updated strategic direction of the Company, the Board of Directors will ask the shareholders at the upcoming annual and special meeting of shareholders to approve a change of the Company's name to "Alere Chemicals & Fertilizers Inc."