SASKATOON, SK - Karnalyte Resources Inc. ("Karnalyte" or the "Company") (TSX: KRN), is pleased to announce today the successful closing of its previously announced rights offering (the "Rights Offering"), raising approximately $3.9 million in proceeds that will be used for, among other things, development of the Company's flagship Wynyard Potash Project.
Of note, strategic partner and significant shareholder Gujarat State Fertilizers and Chemicals Limited ("GSFC"), a major agriculture sector player in India, participated in the Rights Offering, further demonstrating GSFC's ongoing commitment and support for Karnalyte and the Wynyard Potash Project, and a show of confidence in Karnalyte's vision and strategic planning.
"We are very pleased with the outcome of the Rights Offering and would like to thank all shareholders who participated and gave their vote of confidence in unlocking the high potential of the Wynyard Potash Project," said Danielle Favreau, interim CEO of Karnalyte. "This is great progress for our Company as we continue taking the necessary steps to maximize value for all stakeholders through construction of what will become Karnalyte's flagship project."
Karnalyte is currently in the process of completing the update to the NI 43-101 compliant technical report for the Wynyard Potash Project and will be diligently pursuing project financing for its development.
Source : Cision