Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) announced a non-brokered private placement of convertible debentures for up to $2.5 million, at an interest rate of 15%.
As quoted in the press release:
The principal amount of the debentures is convertible into common stock of the Company at the option of the subscriber, in whole or in part, at a price of US$0.19 per share for a period of one year from the date of closing.
Get Our Expert Guide to Potash Investing FREE!Download this FREE Special Report, What is Potash? From Types of Potash to Potash Stocks