Passport Potash Announces an Amendment to the Fitzgerald Trust Ranch Purchase

Passport Potash (TSXV:PPI,OTCQX:PPRTF) announced an amendment to the purchase agreement with the Fitzgerald Trust Ranch.

As quoted in the press release:

Under the terms of the Amendment the parties have agreed to extend the closing time for the purchase from December 18, 2012 to December 18, 2013. During that period Passport will make three, roughly equal, payments to the Trust on December 18, 2012, June 30, 2013 and December 18, 2013. Passport has also agreed to reimburse the Trust for an increase in taxes as a result of closing the transaction in 2013 rather than 2012. All other terms of the Agreement remain in full force and effect. The foregoing is subject to regulatory approval.

Passport President and CEO Joshua Bleak said:

We are pleased that the Trust was willing to renegotiate the terms of the purchase agreement. The new payment terms give Passport some needed flexibility for our exploration program, and for working with our funding sources.

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