UPDATE: Karnalyte Resources Up 10%, But Well Off Day Highs On Ties With Gujarat State Fertilizers & Chemicals

By MT Newswires,  January 10, 2013, 09:51:40 AM EDT

Karnalyte Resources Inc. (KRN.TO) is up more than 10% at $8.84 but is well off a day high $9.65.

Today, Karnalyte and Gujarat State Fertilizers & Chemicals Limited, a publicly-traded Indian agribusiness company focused on the production and sale of fertilizers and industrial products, announced today that: GSFC will make a strategic investment of approximately $45 million in Karnalyte at a price of $8.15 per common share of Karnalyte, which will result in GSFC holding a 19.98% ownership stake in Karnalyte; and Karnalyte and GSFC have agreed to a committed off-take agreement for the purchase of approximately 350,000 tonnes per year of potash from Phase 1 of Karnalyte's Wynyard Carnallite Project, increasing to 600,000 TPY with the commencement of Phase 2. The off-take agreement will continue for approximately 20 years from the commencement of commercial production of Phase 1.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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