RE:RE:RE:Did KRN take/answer any questions during the AGMHi Pp
All the greenfield potash hopefuls are facing hurdles right now, and as long as I have been invested in this company there have been reports of interested parties in discussions with Krn whether it be potash, magnesium or nitrogen.
More so than ever before there is a four letter roadblock to Karnalytes progress if the past CEO's allegations in his Affidavit are accurate
Those four letters - GSFC
They do not want to give up control of Karnalyte, but want someone else to pay for the massive project while under their control.
It is interesting looking back to 2017, as the Horizontal Selective Solution mine proposal brought to Krn in Feb 2018 would have generated interest in the company and if the process was proven to work in a commercial application, we would all have been very happy by now.
That said the very experienced potash guys behind the scenes who were willing to take a $23 million chance on a JV with Karnalyte, requested full operational control of their project and one board of directors seat. Reasonable request I thought
The PotCo guys bringing this opportunity to Krn have been around the potash block many times and had recognized GSFC's hands in everything could become problematic, and so they needed assurances. Que the notorius requested 7 million shares for bringing in that massive investment.
Oddly, the piece of the puzzle that was left out of the May 2018 Letter to Shareholders is that PotCo clearly stated in their proposal that their project would only proceed with shareholder approval.
That looks really good now when comparing the eventual $2.4 million Rights Offering for 50% shareholder dilution and no nitrogen project.
At that time GSFC did not have control of the board or voting, so that concern is now 10 fold, so what company with deep pockets would be willing to roll the dice after watching so many years of drama unfold?
GSFC was reportedly in discussions to build billion dollar nitrogen plants in the Congo and Iran
Wonder how those projects are going, because GSFC has already stated they cant fund Karnalytes nitrogen dream, but gladly will participate if someone else pays for it!
https://www.icis.com/explore/resources/news/2017/04/20/10098987/india-s-gsfc-eyes-new-ammonia-and-urea-plant-in-republic-of-congo/ https://www.business-standard.com/article/pti-stories/gsfc-keen-to-set-up-ammonia-urea-plant-in-iran-117062000798_1.html