KARNALYTE RESOURCES INC. ANNOUNCES ANNUAL & SPECIAL MEETING VOTING RESULTS

KRN Admin

Not for distribution to U.S. news wire services or dissemination in the United States.

SASKATOON, SK (CNW- June 22, 2022) – Karnalyte Resources Inc. (“Karnalyte” or the “Company“) (TSX: KRN) announced today that all nominee directors listed in the management information circular dated May 24, 2022 were elected as directors of the Company at the annual and special meeting of the Company’s shareholders held on June 21, 2022 (the “Meeting”) in Saskatoon, Saskatchewan.

At the meeting, 23,414,832 shares were voted, representing 55.52% of the Company’s issued and outstanding common shares. The voting results for all matters brought forth at the Meeting are set out below.

ELECTION OF DIRECTORS

NOMINEES NUMBER OF SHARES VOTED IN FAVOR % IN FAVOR NUMBER OF SHARES WITHHELD % WITHHELD
D.C. Anjaria 16,691,574 72.41 6,360,505 27.59
Derek Hoffman 19,969,164 86.63 3,082,915 13.37
Vishvesh D. Nanavaty 16,588,869 71.96 6,463,210 28.04
Dilip V. Pathakjee 16,724,935 72.55 6,327,144 27.45
Gerald Scherman 16,823,535 72.98 6,228,544 27.02

APPOINTMENT OF AUDITORS

  NUMBER OF SHARES VOTED IN FAVOR % IN FAVOR NUMBER OF SHARES WITHHELD % WITHHELD
KPMG 18,742,236 80.25 4,610,439 19.74

APPROVAL OF UNALLOCATED STOCK OPTION PLAN

  NUMBER OF SHARES VOTED IN FAVOR % IN FAVOR NUMBER OF SHARES VOTED AGAINST % AGAINST
Unallocated Options 16,676,639 72.36 6,369,140 27.63

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 construction ready 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 Proteos 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.

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For further information, please contact:

Karnalyte Resources Inc.
1(306) 986-1486
info@karnalyte.com
www.karnalyte.com

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