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.

View full PPI profile View Profile

Passport Potash Timeline

Related Articles

picture of Chinese flag and gold
August 21 2017
Wishbone has supply agreements with miners based in Peru, Ghana, Chile and Colombia.
gold
September 29 2017
Hellyer fell into NQ’s control after it agreed to buy Keen Pacific – the former owner – for A$20mln back in April
mining truck
September 04 2017
"I am delighted to report the intersection of substantial thicknesses of rock identified as perlite and pozzolan,” said Patrick Cheetham, Sunrise executive chairman.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 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