OKOTOKS, AB, Feb. 3 /CNW/ - Robin L. Phinney ("Phinney") acquired ownership and control of 1,100 common shares of Karnalyte
Resources Inc. ("Karnalyte"), on December 14, 2010, pursuant to the initial public offering ("IPO") of Karnalyte by way of long form prospectus. Details of the
acquisitions are available on SEDI, as required.
As at February 1, 2011, Phinney owns or controls 3,944,400 common shares
of Karnalyte ("Common Shares"), representing approximately 19.6% of Karnalyte's issued and
outstanding Common Shares. Of the 3,944,400 Common Shares owned or
controlled, 694,400 Common Shares are held personally by Phinney and
3,250,000 Common Shares are held by 1385659 Alberta Ltd. ("1385659"), a private company controlled by Phinney. Phinney is also the holder
of the following stock options ("Options") of Karnalyte: (i) 117,000 options to purchase Common Shares on or
before December 20, 2015 at a price of $8.60 per share; (ii) 150,000
options to purchase Common Shares on or before February 4, 2012 at a
price of $5.00 per share; and (iii) 126,000 options to purchase Common
Shares on or before December 31, 2012 at a price of $5.00 per share.
If the Options were exercised and converted into Common Shares
effective February 2, 2011, Phinney would own 4,337,400 Common Shares,
representing approximately 21.6% of Karnalyte's issued and outstanding
The acquisition made by Phinney from treasury pursuant to the IPO was at
the IPO price of $8.60 per share.
This acquisition by Phinney was made for investment purposes and Phinney
and/or 1385659, may from time to time increase or decrease their
holdings in Karnalyte depending on market conditions or any other
relevant factor. This new release is being issued pursuant to
securities legislation in each province of Canada and will be filed on
the System for Electronic Document Analysis and Retrieval ("SEDAR") with the report required under National Instrument 62-103. The
issuance of this news release is not an admission that Phinney is a
joint actor with any other entity.
SOURCE Robin Phinney
For further information:
The address of Phinney is 104 - 26 Crystalridge Drive, Okotoks, Alberta, T1S 2C3.