Karnalyte Resources Inc. Announces Receipt of Requisition of Special Meeting

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SASKATOON, SK, July 13, 2020 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Company") (TSX: KRN) announces that, less than two weeks after its annual meeting, it has received a requisition for a special meeting of shareholders from a group of dissident shareholders comprising former Karnalyte directors Peter Matson, Greg Szabo and Mark Zachanowich for the election of four individuals to the Board of Directors of the Company.

There is no action for shareholders to take at this time. Karnalyte is currently reviewing the latest dissident shareholder documents and will update shareholders in due course. The Company's priority continues to be the completion of the previously announced prefeasibility study and the work to engage a strategic consultant.

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.

SOURCE Karnalyte Resources Inc.

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