Markets
EIS

Karnalyte Resources Announces 2012 Year End Results

Karnalyte Resources Inc. (KRN.TO) said as at December 31, 2012, the company had net working capital of $22.3 million compared to $32.8 million at December 31, 2011, including $25.1 million and $34.3 million, respectively, in cash.

"In 2012, Karnalyte focused on initial site preparation and detailed engineering activities, as well as preparing the Wynyard Carnallite Project's Environmental Impact Statement ( EIS ) for submission to the Saskatchewan Ministry of Environment (MOE)," said CEO Robin Phinney. "Subsequent to year-end, we received EIS approval from the MOE, entered into a strategic partnership and off-take agreement with Gujarat State Fertilizers and Chemicals and closed the associated $44.7 million private placement. These achievements have made the Corporation the most advanced junior potash developer, which puts Karnalyte in a strong position as we pursue additional Project funding."

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

EIS

Other Topics

Commodities

Latest Markets Videos

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More