Karnalyte Resources Inc. Announces Annual Meeting Voting Results

2020-06-26 / @newswire

 

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

SASKATOON, SK, June 26, 2020 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Company") (TSX: KRN) announced today that all nominee directors listed in the management information circular dated May 26, 2020 were elected as directors of the Company at the annual meeting of the Company's shareholders held on June 26, 2020 (the "Meeting") in Saskatoon, Saskatchewan.

At the meeting, 21,939,935 shares were voted, representing 52.02% of the Company's issued and outstanding common shares. The voting results for all matters brought forth at the Meeting are set out below.

ELECTION OF DIRECTORS

NOMINEES

NUMBER OF SHARES
VOTED IN FAVOR

% IN
FAVOR

NUMBER OF SHARES
WITHHELD

%
WITHHELD

Vishvesh D. Nanavaty

17,327,984

80.46

4,207,215

19.54

D.C. Anjaria

17,442,083

80.99

4,093,116

19.01

Gerald Scherman

17,448,483

81.02

4,086,716

18.98

APPOINTMENT OF AUDITORS


NUMBER OF SHARES
VOTED IN FAVOR

% IN
FAVOR

NUMBER OF SHARES
WITHHELD

%
WITHHELD

KPMG

18,205,701

82.98

3,734,252

17.02

ABOUT KARNALYTE RESOURCES INC.

Karnalyte Resources Inc. is a development stage company focused on two fertilizer products, potash and nitrogen, to be produced and manufactured in Saskatchewan. Karnalyte owns the construction ready Wynyard Potash Project, with planned phase 1 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. Karnalyte 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.

SOURCE Karnalyte Resources Inc.

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