Passport Potash Inc. Announces Convertible Debenture Private Placement – Video Overview on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 25, 2013) - Passport Potash Inc. (TSXV: PPI) (OTCQX: PPRTF) has announced a non-brokered private placement, consisting of up to $2,500,000 convertible debentures, with a 15% interest rate.
The debentures are convertible into common shares, at a price of US$0.19 for a period of one year. Each $1,000 debenture also includes 5,000 common share purchase warrants, which are also exercisable at a price of $0.19 per share. This private place is subject to approval by the TSX Venture Exchange.
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The company had previously announced, in November 2012, a non-brokered, fully subscribed private placement for approximately 69 million units at a price of $0.18, with each unit consisting of one common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.25 for 5 years. Some of the subscribers to the earlier private placement have opted to participate in the current debenture private placement rather than the unit offering. Proceeds will be used to complete a Preliminary Economic Assessment, which the company anticipates publishing at the end of the first quarter of 2013, as well as general working capital.
The company is exploring and developing advanced potash properties, focussing on the Holbrook Basin project, which sits atop a large salt basin, located 7 miles east of Holbrook, Arizona.
The company’s land holdings encompass more than 121,000 acres. Passport has also entered into a joint exploration agreement with the Hopi Indian Tribe to work toward developing approximately 13,000 acres of contiguous privately held Hopi land.
Potash is used as a major agricultural component in 150 countries. The current potash market is estimated at 50 million tons annually and is projected to grow at a rate of 3-4% annually. The United States remains one of the largest net consumers, while producing only 1,200,000 tons per year.
The company will be presenting at the Global Chinese Financial Forum on January 26th in Richmond, British Columbia.
The shares are currently trading at $0.20.
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Barry Morgan, CFO