October 1, 2015 / 3:45 PM / 3 years ago

BUZZ-Karnalyte Resources: Businessman offers to buy controlling stake

** Canadian potash producer’s shares double to a 12-month high of C$1.08 in heavy trading

** Businessman Erwin Singh Braich offers to buy controlling stake in Karnalyte (bit.ly/1YRbTXm)

** Offer consists of subscription to buy 63 mln new voting shares at C$3.15 each, attached with two sets of warrants, which if exercised would give Braich about 75 pct ownership

** Karnalyte says, contrary to statements made in Braich press release, no binding agreement has been entered; board has not accepted the proposal, but is considering it

** More than 509,000 Karnalyte shares traded in stock’s busiest day in two years

** Karnalyte engages Dundee Securities as adviser; exploring options to secure financing, including debt financing by largest shareholder, Gujarat State Fertilizers and Chemicals

** Up to Wednesday’s close, Karnalyte stock had fallen 32.5 pct this year

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