Dissident Karnalyte shareholders call meeting
Potash developer Karnalyte said on Monday that it had received a requisition for a special meeting of shareholders from a group of dissident shareholders, comprising former company directors Peter Matson, Greg Szabo and Mark Zachanowich.
The shareholders are calling for the election of four individuals to the board of directors.
Karnalyte, which held its annual general meeting two weeks ago, said it was reviewing the latest dissident shareholder documents and would update shareholders in due course.
It reaffirmed that its priority remained continuing the previously announced prefeasibility study and on work to engage a strategic consultant.
Karnalyte focuses on two fertiliser products, potash and nitrogen, which it will produce and manufacture in Saskatchewan.
Karnalyte owns the construction ready Wynyard potash project, with planned Phase 1 production of 625 000 t/y of high-grade granular potash, and two subsequent phases of 750 000 t/y each, taking total production up to 2.125-million tonnes a year.
Karnalyte is also exploring the development of the Proteos nitrogen project, which is a proposed small-scale nitrogen fertiliser plant with a nameplate production capacity of about 700 metric tonnes a day of ammonia and about 1 200 metric tonnes a day of urea.
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