Passport Potash Extends Closing of Purchase of Fitzgerald Ranch to June 2015

Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) signed an amendment to the property purchase agreement with the Fitzgerald Trust, whereby closing of purchase is to be on June 30, 2015, with $500,000 to be paid by Dec. 31, 2013, $1 million to be paid by Dec. 31, 2014, and $14 million to be paid at closing.

As quoted in the press release:

The key terms of the Amendment include:

• Closing of purchase to be on June 30, 2015.
• A $500,000 to be paid by the earlier of, either Oct. 31, 2013, or within 30 days of the closing of Passport’s next round of financing.
• $500,000 to be paid by Dec. 31, 2013.
• $1 million to be paid by Dec. 31, 2014.
• $14 million to be paid at closing.
• Includes an option to the Trust for grazing lease for 5-year term.

Passport Potash President and CEO Joshua Bleak said:

The Fitzgerald property is strategically important to Passport’s intended mine development, and it was important for us to be able to restructure this deal to push the closing into 2015. We are grateful to the Trustees of the Fitzgerald Trust and are pleased with their willingness to work with us on making this change.

Click here to read the Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) press release

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