August 2, 2016 / 4:16 PM / a year ago

BUZZ-Karnalyte Resources Inc: Tanks after talks with India's GSFC fall apart

1 Min Read

** Canadian potash producer's shares falls as much as 65 pct to C$0.78 - biggest ever intraday percentage drop

** Says talks with India's Gujarat State Fertilizers and Chemicals Ltd to secure $700 mln in financing has broken off

** Karnalyte requires financing to develop first phase of its potash mine in Saskatchewan; company was planning to take bank loan, with GSFC guaranteeing payments in exchange for a greater voting share

** GSFC bought a nearly 20 pct stake in Karnalyte in 2013 that included an agreement to buy more than half of the Saskatchewan mine's first-phase production for 20 yrs

** Up to Monday's close, Karnalyte stock had more than tripled this year

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