The Conversation (0)
Passport Potash (TSXV:PPI,OTCQX:PPRTF) has entered into an agreement to acquire 100% interest in its landholdings on the east side of the Holbrook Basin as part of a settlement agreement with North American Potash Developments Inc. and the other parties in the civil action in Utah.
As quoted in the press release:
- Passport will pay to the NAPD Group a total of $3,850,000 according to the following schedule:
- $150,000 upon execution of the Amendment Agreement;
- $2,450,000 upon TSX Venture Exchange approval;
- $1,250,000 on or before October 31, 2014;
- Passport will issue 750,000 common shares to the NAPD Group upon TSX Venture Exchange approval;
- Upon written notice from the TSX Venture Exchange that the Amendment Agreement has been approved, the parties shall simultaneously do the following: (i) the NAPD Group shall assign all of its right, title, and interest in and to the Property and will take all necessary action with the Arizona State Land Department to effect such assignment; and (ii) Passport will place into escrow on behalf of the NAPD Group the $2,450,000 cash payment and the 750,000 common shares of Passport. The cash payment and shares will be released to the NAPD Group upon receipt of confirmation of the assignment of the Property to Passport from the Arizona State Land Department.
Passport Potash President and CEO Joshua Bleak said:
We are happy to have solidified our position in our eastern landholdings. This settlement will allow us to focus all our efforts on the development of this project, and is another decisive step towards rounding out the best land package in the Holbrook Basin.
Click here to read the Passport Potash (TSXV:PPI,OTCQX:PPRTF) press release
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