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Karnalyte Resources Down 4% Following $115M Bought-Deal Financing for Wynyard Potash Project

Karnalyte Resources Inc (KRN.TO) is down more than 4% today at $13.28 a share after announcing a $115-million bought-deal financing to support the initial phase of construction on its Wynyard carnallite project, projected to produce 625,000 tons of potash yearly.

Karnalyte is issuing 8.65 million shares of common stock priced at $13.30 each with the deal slated to close by Dec. 19. Work on the Wynyard project in Saskatchewan is set to begin early next year.

KARNALYTE RESOURCES INC (KRN.TO).

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

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