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SASKATOON, SK, Feb. 14, 2022 /CNW/ - Karnalyte Resources Inc.
("Karnalyte" or the "Company") (TSX: KRN), is pleased
to announce today two updates as part of the Company's efforts to
enhance its financial position, governance, and shareholder
value.
OLYMPIA TRUST TO SERVE AS NEW
TRANSFER AGENT
In line with the Company's goal of identifying cost
efficiencies, Karnalyte has engaged Olympia Trust Company
("Olympia") as its new transfer agent at a very competitive
rate. As of February 1, 2022,
Olympia has taken over
responsibility for maintenance of shareholder records.
NOMINATING FUNCTION ADDED TO GOVERNANCE COMMITTEE
In keeping with the goal of advancing governance, Karnalyte is
pleased to announce that the Compensation and Corporate Governance
Committee has updated its Charter, and now includes a nominating
function. As such, the name has been changed to the Compensation,
Corporate Governance and Nominating Committee (the
"Committee"). This change will further assist the Board of
Directors (the "Board") in fulfilling its obligations and
oversight responsibilities.
As a result of the new nominating function, the Committee will
be responsible for:
- Considering the skills and competencies that should be
possessed by the Board as a whole, as well as assessing those of
each existing director;
- Identifying individuals who are qualified to become new
directors based on outlined criteria; and
- Reviewing and recommending to the Board approval of any
proposed candidate(s) for nomination for election or
appointment.
Danielle Favreau, Interim CEO of
Karnalyte, commented, "These are important steps that keep
shareholder value front of mind. Engaging Olympia is one of several cost-saving measures
Karnalyte is taking to improve its financial position, while adding
a nominating function will support good governance and development
of a strong Board that acts in the best interests of Karnalyte and
its shareholders."
ABOUT KARNALYTE RESOURCES INC.
Karnalyte Resources Inc. is a development stage company focused on
two fertilizer products, potash and nitrogen, to be produced and
manufactured in Saskatchewan. Karnalyte owns the Wynyard
Potash Project, with planned phase 1 production of 625,000 tonnes
per year ("TPY") of high-grade granular potash, and two
subsequent phases of 750,000 TPY each, taking total production up
to 2.125 million TPY. Karnalyte is also exploring the development
of the Company's Nitrogen Project, which is a proposed small-scale
nitrogen fertilizer plant with a nameplate production capacity of
approximately 700 metric tonnes per day ("MTPD") of ammonia
and approximately 1,200 MTPD of urea, and a target customer market
of independent fertilizer wholesalers in Central
Saskatchewan.
SOURCE Karnalyte Resources Inc.