Karnalyte Resources Inc. (TSX:KRN), a Canadian company focused on exploration and the development of potash and magnesium products, announced that on October 19 it filed its final short form base shelf prospectus with securities commissions in all of Canada’s provinces except Quebec.
As quoted in the press release:
This Prospectus will, subject to securities regulatory requirements, allow the Corporation to make offerings of common shares, units, preferred shares in series and notes or other types of unsecured debt securities (collectively, the “Securities”) up to an aggregate offering price of $350 million during the 25-month period that the Prospectus, including any amendments thereto, remains effective. The Securities may be offered at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying shelf prospectus supplement or in certain cases, an accompanying pricing supplement.
Unless otherwise specified in a prospectus supplement, the net proceeds from the sale of the Securities will be used to fund the development of Karnalyte’s Wynyard Carnallite project.