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Karnalyte Resources Inc. Engages Strategic Advisor, Appoints Interim CFO, and Sets Date for Special Meeting of Shareholders
Karnalyte Resources Inc. Engages Strategic Advisor, Appoints Interim CFO, and Sets Date fo...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\n\nKarnalyte Resources Inc. Engages Strategic Advisor, Appoints Interim CFO, and Sets Date for Special Meeting of Shareholders\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\nCanada NewsWire\nSASKATOON, SK, July 27, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n SASKATOON, SK, July 27, 2020 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or the \"Company\") (TSX: KRN) announces that it has engaged MNP LLP (\"MNP\") as an independent strategic consultant to advise the Board of Directors as it determines the long-term strategic direction of the Company. The Company also announces that it has appointed Christie Gradin, CPA, CA, as Interim Chief Financial Officer (\"CFO\"). In addition, Karnalyte announces that pursuant to a requisition received from a dissident shareholder group, it will hold a special meeting of shareholders (the \"Meeting\") on December 15, 2020.\n\n \n \n \n \n \n \n\n \nSTRATEGIC ADVISOR ENGAGEMENT\nAs previously announced, Karnalyte's Board of Directors (the \"Board\") has initiated a strategic review process to evaluate a broad range of potential strategic alternatives available to it including the evaluation of its existing and future projects, and the analysis of potential financing alternatives, with a focus on determining what is in the best interests of Karnalyte and maximizing value for all of its shareholders. To assist in this process, and after thoroughly considering proposals from national and global firms over the past few months, the Company has engaged MNP, a leading Canadian accounting, tax and business consulting firm, as its strategic advisor. MNP has extensive experience in the potash and nitrogen industries, including in-depth knowledge of the Saskatchewan area. In addition to assisting with the evaluation of a range of strategic alternatives, MNP will provide an independent review of the pre-feasibility study Karnalyte recently completed on its Proteos Nitrogen project. The Company has established a project steering committee consist...