Sign up USA
Proactive Investors - Run By Investors For Investors

Passport Potash cancels NZ Legacy deal, secures $6.98 mln in financing

Passport Potash cancels NZ Legacy deal, secures $6.98 mln in financing

Passport Potash (CVE:PPI)(OTCQX:PPRTF) Friday ended a proposed deal with NZ Legacy to acquire 50 percent of HNZ Potash.

Friday afternoon, Passport shares were up 28 percent to $0.23.

In late October, Arizona-focused potash developer Passport signed a letter of intent to purchase the stake in HNZ Potash, which owns close to one million acres of mineral rights across Arizona, New Mexico, Colorado and Oklahoma.

Had the sale gone through, Passport and HNZ would have jointly owned more than 200,000 acres of mineral rights in Arizona's Holbrook Basin.

Passport Potash also said it has arranged a fully subscribed non-brokered private placement of $6.98 million, which consists of 46.5 million units at $0.15 cents, with each unit consisting of one common share and one half warrant exercisable at $0.20 cents for a period of one year.

The proceeds will be used for general working capital and the current exploration program.

The company said it will also re-price 5,777,000 options that were issued at $1.20 and 1,321,000 options that were issued at $0.83 cents. The options will be re-priced at $0.20.

Passport holds over 81,315 acres in Arizona's Holbrook Basin.

Register here to be notified of future PPI Company articles
View full PPI profile View Profile

Passport Potash Timeline

Related Articles

May 22 2017
Graphite is also a component in lithium-ion batteries used in electric cars
Signpost for Nevada
March 02 2017
The focus recently has been on mining hotspot Nevada, USA, where Sunrise has two industrial minerals projects
February 02 2017
Stefan Murphy discussed with investors gold assets and drilling programs.
Copyright ©, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use