Passport Potash (TSXV:PPI) announced the termination of its letter of intent with NZ Legacy, NZ. The Company also announced the arrangement of a new private placement of $6,975,000.
As quoted in the press release:
Passport also announces that it has arranged a fully subscribed non-brokered private placement of $6,975,000.00 which consists of 46,500,000 units at $0.15 cents, each unit consisting of one common share and one half warrant exercisable at $0.20 cents for a period of one year. The proceeds are to be used for general working capital and the current exploration program. A finder’s fee may be paid in certain circumstances.
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