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Abstract
Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") announced today the closing of its initial public offering (the "IPO") of 6,975,000 common shares at a price of $8.60 per share for gross proceeds of $59,985,000 (the "Offering"). The common shares will be listed on the Toronto Stock Exchange and are expected to begin trading today under the symbol "KRN". The Corporation intends to use the net proceeds of the Offering for further development of its Wynyard Carnallite Project (the "project"), including: a feasibility study; completion of work for the project's environmental impact assessment; further geological analysis; additional exploration seismic and drilling; infrastructure preparation and equipment deposits; and for general corporate purposes.