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.
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