Source: Karnalyte Resources Inc.
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  • Karnalyte Resources (KRN) has closed its rights offering, raising approximately $3.9 million in proceeds
  • The proceeds will primarily be directed towards the development of the company’s flagship Wynyard Potash Project in Saskatchewan
  • The company issued 11,034,135 common shares at a price of $0.35 on the way to raising the approximately $3.9 million of gross proceeds
  • After completing the rights offering, the total number of issued and outstanding common shares is 53,283,982
  • Karnalyte Resources is up 15.22 percent, trading at $0.53 at 2:02 pm ET

Karnalyte Resources (KRN) has closed its rights offering, raising approximately $3.9 million in proceeds.

The proceeds will primarily be directed toward developing the company’s flagship Wynyard Potash Project.

The Saskatoon-headquartered company’s flagship project is located in Saskatchewan.

The company issued 11,034,135 common shares for $0.35 on the way to raising approximately $3.9 million of gross proceeds.

The development stage company remains focused on two fertilizer products, potash and nitrogen.

The total number of issued and outstanding common shares upon completion of the rights offering is 53,283,982.

No fees or commissions were paid in connection with the offering.

GSFC acquired 5,444,852 common shares under the basic subscription privilege and 3,655,148 common shares under the additional subscription privilege for 9,100,000 common shares.

GSFC now holds 25,434,558 common shares of the company representing approximately 47.73 percent.

Karnalyte Resources is up 15.22 percent, trading at $0.53 at 2:02 pm ET.


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