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SASKATOON, Dec. 15, 2017 /CNW/ - Karnalyte Resources
Inc. ("Karnalyte" or the "Company") (TSX: KRN) is
pleased to announce the appointment of Ms. Danielle Favreau as Chief Financial Officer. The
Company also announces the grants of stock options.
Karnalyte's interim CEO Todd
Rowan commented "The Board and management wish to thank
shareholders for their continued support as we strive to develop a
strong base for the creation of shareholder value. The appointment
of Ms. Favreau represents an important step in the creation of a
strong and stable management team at Karnalyte. In addition to the
appointment of Ms. Favreau, the Board continues to work with a
professional firm in search of a Chief Executive Officer. We are
confident that this process will culminate in a strong leadership
team to take Karnalyte forward. In addition to building the team,
Karnalyte has been working diligently to optimize the capital and
operating costs of the Wynyard Carnallite Project. Our goals remain
steadfast and although potash fundamentals have changed in recent
years, we along with our strategic partner, Gujarat State
Fertilizers & Chemicals Ltd., are working extremely hard to
develop the Wynyard Carnallite Project."
Ms. Favreau has been with Karnalyte since the fall of 2015 first
joining as the Company's Controller and later appointed as the
Company's Interim Chief Financial Officer. Prior to joining
Karnalyte, Danielle served in senior roles in both audit and human
resources at Virtus Group LLP, the largest independently owned
accounting firm in Saskatchewan.
She also served as Controller at Great Western Minerals Group and
served many mining clients with Deloitte in Saskatoon, Saskatchewan. Ms. Favreau attended
the University of Saskatchewan where
she obtained her Bachelor of Commerce Degree. She also obtained her
CPA, CA designation through CPA Saskatchewan (formerly the
Institute of Chartered Accountants of Saskatchewan). Ms. Favreau volunteers
extensively in the Saskatoon
community. She recently served as a director of the Mendel Art
Gallery and Remai Modern Art Gallery of Saskatchewan in Saskatoon serving on the audit and finance
committees of both organizations. She is currently serving as a
director on the board of the Saskatoon Community Foundation and
also serves on this organization's audit and finance
committee.
The Company also announces that, pursuant to the Company's stock
option plan, Karnalyte has granted an aggregate of 730,000 stock
options to employees, officers and directors of the Company. The
shareholders of the Company approved the stock option plan on
June 20, 2013 and later on
August 26, 2016 approved all
unallocated stock options as required by the Toronto Stock
Exchange. The purpose of the stock option plan is to give suitable
recognition to the ability and performance of such persons who
contribute materially to the success of the Corporation and to
attract and retain persons of experience and ability by providing
them with the opportunity to acquire an increased proprietary
interest in the Corporation. All of the stock options were issued
with an exercise price of $0.75 per
share, have a 5 year term and vest over a period of 2 years.
ABOUT KARNALYTE RESOURCES INC.
Karnalyte is a Saskatchewan-headquartered company focused on
exploration and development of potash and magnesium in Saskatchewan. The Company intends to develop
and extract a carnallite-sylvinite mineral deposit through a
solution mining process, at a competitive cost and with minimal
environmental impact. Using a staged approach to potash and
magnesium plant construction, the Company plans to operate the
initial facility at Wynyard,
Saskatchewan to produce 625,000 tonnes per year ("TPY") of
potash ("Phase I"), increasing to 1,375,000 and 2,125,000 TPY of
potash in subsequent phases of the project.
Karnalyte's Common Shares are traded on the TSX under the symbol
KRN.
FORWARD-LOOKING STATEMENTS
Certain information included in this press release is
forward-looking, within the meaning of applicable Canadian
securities laws. Forward-looking information is often, but not
always, identified by the use of words such as "anticipate",
"believe", "could", "estimate", "expect", "plan", "intend",
"forecast", "future", "guidance", "may", "predict", "project",
"should", "strategy", "target", "will" or similar words or phrases
suggesting future outcomes or language suggesting an outlook.
The forward-looking statements contained in this press release
are based on certain key expectations and assumptions made by
Karnalyte, including, without limitation, assumptions as to:
projected economics for the Company's planned potash production
facility; the ability of Karnalyte to obtain financing on terms
favourable to the Company; and the ability of Karnalyte to receive,
in a timely manner, the necessary approvals from the board of
directors, shareholders, regulatory authorities, and other third
parties.
Karnalyte believes the expectations and assumptions upon which
the forward-looking information is based are reasonable. However,
no assurance can be given that these assumptions and expectations
will prove to be correct. Accordingly, readers should not place
undue reliance on the forward-looking statements and information
contained in this press release.
Actual results may vary from the forward-looking information
presented in this press release, and such variations could be
material. Risk factors and uncertainties could cause actual results
to vary from the forward-looking information in this press release.
Additional information on forward-looking statements and other
factors that could affect Karnalyte's operations and financial
results are included in documents on file with Canadian securities
regulatory authorities and may be accessed through the Company's
profile on the SEDAR website (www.sedar.com).
These forward-looking statements are made as of the date hereof
and are expressly qualified in their entirety by this cautionary
statement. Subject to applicable securities laws, the Corporation
assumes no obligation to update or revise them to reflect new
events or circumstances.
SOURCE Karnalyte Resources Inc.