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Karnalyte Resources Inc. Announces Results of Investigation
Karnalyte Resources Inc. Announces Results of Investigation Canada NewsWire ...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n \n \n \n Karnalyte Resources Inc. Announces Results of Investigation\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n SASKATOON, SK, Oct. 26, 2020\n \n \n \n \n \n NO BREACHES FOUND IN THOROUGH INVESTIGATION LED BY LEADING LAW FIRM\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n SASKATOON, SK\n \n ,\n \n Oct. 26, 2020\n \n /CNW/ - Karnalyte Resources Inc. (\"\n \n Karnalyte\n \n \" or the \"\n \n Company\n \n \") (TSX: KRN) announces the completion of an investigation of allegations made by a small group of dissident shareholders (the \"\n \n Dissidents\n \n \"). A leading law firm completed the extensive review, which included interviews with a number of parties. The 77-page investigation report (the \"\n \n Investigation Report\n \n \") and the almost 300-page compendium of materials to the Investigation Report highlight, among other things, the following:\n \n \n \n The Interim CEO and the Board of Directors of the Company (the \"\n \n Board\n \n \") are in compliance with the Company's Code of Conduct contrary to the allegations made by the Dissidents.\n \n \n There is no evidence of selective disclosure of material, non-public information by the Interim CEO.\n \n \n The Interim CEO has acted appropriately to avoid all conflicts of interest.\n \n \n Mr.\n \n Vishvesh Nanavaty\n \n , a current director, and Mr.\n \n Sanjeev Varma\n \n , a former director, each nominated to the Board by Gujarat State Fertilizers and Chemicals Ltd. (\"\n \n GSFC\n \n \"), have acted appropriately to disclose and avoid conflicts of interest.\n \n \n The Company is not in breach of contractual or other obligations with respect to the designation of the number of GSFC nominees on the Board.\n \n \n The Company has provided full and accurate disclosure of material transactions and related party transactions in its financial communications.\n \n \n The Company is in compliance with Canadian securities laws and Toronto Stock Exchange rules an...