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Karnalyte Resources Inc. Announces 2011 Year End Results


News provided by

Karnalyte Resources Inc.

Mar 30, 2012, 19:37 ET

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CALGARY, March 30, 2012 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") (TSX: KRN) today announced its financial results and operational highlights for the year ended December 31, 2011.

"Karnalyte executed on key components of our growth strategy in 2011," said Robin Phinney, President and CEO of Karnalyte Resources Inc. "Karnalyte is focused on completing initiatives that will enable us to begin construction of our planned potash facility."

Karnalyte's 2011 Year End Financial Statements and Management's Discussion and Analysis (MD&A) are available at www.sedar.com.

Outlook

Over the short term, the Corporation will continue to focus on the following key initiatives:

  • Continue detailed engineering leading up to ground breaking upon Environmental Impact Statement approval and establish an operations office in Saskatchewan;
  • Continue working with the government to obtain the environmental approvals required for the next phase of the Project;
  • Continue moving the debt financing through due diligence and establish a banking syndicate for debt financing;
  • Pursue key strategic investors to play a role in the project financing and provide the Corporation with key deliverables such as off-take arrangements, marketing assistance or financial stability; and
  • Complete a pre-feasibility level study on potential production and marketing of magnesium compounds.

KARNALYTE RESOURCES INC.
                   
STATEMENTS OF FINANCIAL POSITION
                   
ASSETS                  
                   
As at     December 31,     December 31,     January 1,
      2011     2010     2010
                   
Current assets                  
     Cash   $            34,251,529   $       59,000,457   $         2,490,823
     Investments                                 -                         -                6,147,759
     Trade and other receivables                      711,774               43,276                   279,283
     Prepaid expenses                       99,807              312,865                   216,949
     Deferred financing expenses                     102,893                          -                              -
                 35,166,003         59,356,598                9,134,814
Restricted cash                     375,000           125,000                               -
Capital assets                  3,223,921               459,376                    396,938
Intangible exploration and evaluation and other assets               37,082,201          10,748,278                  6,867,019
                   
ASSETS   $           75,847,125   $         70,689,252   $          16,398,771
                   
LIABILITIES                  
                   
Current liabilities                  
     Trade and other payables   $             2,365,895   $           2,288,123   $             680,795
     Current portion of capital lease liability                       6,904                     6,904                                 -
                    2,372,799          2,295,027                   680,795
Capital lease liability                               -                  6,904                               -
Provisions                     185,617               116,039                               -
Total liabilities                  2,558,416               2,417,970                   680,795
                   
SHAREHOLDERS' EQUITY                  
                   
Share capital                82,105,674           72,313,190             17,771,007
Warrants and rights               934,950             1,273,605                   293,494
Contributed surplus                3,276,698              2,359,264                         6,161
Deficit           (13,028,613)             (7,674,777)               (2,352,686)
Total shareholders' equity                73,288,709               68,271,282              15,717,976
                   
LIABILITIES AND SHAREHOLDERS' EQUITY   $          75,847,125   $           70,689,252   $          16,398,771
                   
KARNALYTE RESOURCES INC.
           
STATEMENTS OF COMPREHENSIVE LOSS
           
For the years ended December 31,
           
    2011     2010
           
Expenses          
     General and administrative $             3,312,688   $             2,840,196
     Depreciation and amortization                   535,444                        51,062
     Share-based payments                1,722,291                   2,464,804
     Loss on disposition of assets                     25,997                                -
     Other income             (562,481)                 (12,120)
     Transaction costs                   696,408                                -
                 5,730,347                  5,343,942
     Finance income             (401,245)                (26,630)
     Finance expense                      24,734                         4,779
Net finance income             (376,511)                (21,851)
           
Comprehensive loss         (5,353,836)           (5,322,091)
           
Loss per share          
     Basic and diluted $             (0.26)   $              (0.41)
KARNALYTE RESOURCES INC.
       
STATEMENTS OF CASH FLOWS
       
For the years ended December 31,
       
    2011 2010
Cash Flows from (used in) Operating Activities      
Loss for the period   $    (5,353,836) $    (5,322,091)
Add/deduct:      
     Depreciation and amortization                         535,444                       51,062
     Share-based payment expense                      1,722,291                 2,464,804
     Net finance income             (376,511)             (21,851)
     Interest income received                         365,064                      26,630
     Loss on disposition of assets                           25,997                              -
Changes in non-cash working capital:      
     Trade and other receivables             (255,113)                    238,544
     Trade and other payables                       1,118,733                      21,458
     Prepaid expenses               (12,253)             (26,597)
           (2,230,184)        (2,568,041)
       
Cash Flows from (used in) Investing Activities      
Additions to intangible assets        (26,589,103)        (2,822,659)
Additions to capital assets          (3,278,718)             (62,438)
Change in restricted cash             (250,000)           (125,000)
Decrease in temporary investments                                    -                 6,147,482
         (30,117,821)                 3,137,385
       
Cash Flows from (used in) Financing Activities      
Issuance of common shares                     4,042,000               59,985,000
Exercise of options                      2,840,100                    395,600
Exercise of warrants                      1,507,899                               -
Share issue costs             (775,078)        (4,437,234)
Deferred financing costs                 (2,893)                               -
                       7,612,028               55,943,366
       
Effect of foreign exchange on cash               (12,951)               (3,076)
Change in cash        (24,748,928)               56,509,634
Cash, beginning of year                    59,000,457                 2,490,823
Cash, end of year   $               34,251,529 $           59,000,457
KARNALYTE RESOURCES INC.
             
STATEMENTS OF CHANGES IN EQUITY
             
Years ended December 31,
             
             
  2011 2010
  Number   Amount Number Amount
           
Share Capital          
Balance, beginning of year        20,093,740   $      72,313,190 12,663,800 $       17,771,007
     Common shares issued              470,000             4,042,000   6,975,000           59,985,000
     Common shares issued on exercise of share options             609,500             3,060,100      176,400                395,600
     Common shares issued on exercise of broker warrants             245,296             1,507,899      278,540                  83,562
     Transfer of contributed surplus                      -               1,097,522                  -                111,701
     Transfer on broker warrants exercised                      -                 410,435                  -                          -  
     Share issue costs                      -              (325,472)                  -          (6,033,680)
Balance, end of year        21,418,536          82,105,674 20,093,740           72,313,190
           
Warrants and Rights          
Balance, beginning of year             585,624            1,273,605   2,952,524                293,494
     Broker warrants and rights issued               28,200                 71,780      418,500             1,063,673
     Broker warrants and rights exercised        (245,296)             (410,435) (2,785,400)               (83,562)
Balance, end of year            368,528               934,950      585,624             1,273,605
           
Contributed Surplus          
Balance, beginning of year              2,359,264                      6,161
     Share-based payment expense              2,014,956               2,464,804
     Transfer to share capital on exercise           (1,097,522)               (111,701)
Balance, end of year              3,276,698               2,359,264
           
Deficit          
Balance, beginning of year           (7,674,777)            (2,352,686)
     Loss for the year           (5,203,467)            (5,322,091)
Balance, end of year         (12,878,244)            (7,674,777)
           
Total Shareholders' Equity          
Balance, end of year     $      73,439,078   $       68,271,282

About Karnalyte Resources Inc.

Karnalyte is engaged in the business of exploration and development of high quality agricultural and industrial potash and magnesium products. Karnalyte intends to develop and extract a carnallite - sylvite mineral deposit through a known solution mining process at competitive costs and with minimal environmental impacts. Using a staged approached to potash plant construction, the Corporation plans to operate a solution mining facility that will initially produce 625,000 tonnes of potash per year, increasing to 2.125 million tonnes of potash per year. Karnalyte owns a 100% interest in Subsurface Permit KP 360A and Subsurface Mineral Lease KLSA-010 located near Wynyard, Saskatchewan, comprising a total of 85,126 acres.

Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Corporation's future operations. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Karnalyte, including with respect to the Corporation's future operations. Although Karnalyte believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Karnalyte can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the mining industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. Readers are cautioned that the foregoing list of factors is not exhaustive.  Additional information on these and other factors that could affect Karnalyte's operations and financial results are included in documents on file with Canadian Securities regulatory authorities and maybe accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this document are made as of the date hereof and Karnalyte undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. 

Robin Phinney, President & Chief Executive Officer
Ron Love, Chief Financial Officer & Vice-President Finance
Julius Brinkman, Vice-President Corporate Development
Telephone: (403) 995-6560
E-mail: [email protected]
Website: www.karnalyte.com

Modal title

Organization Profile

Karnalyte Resources Inc.

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