Passport Potash Inc. Secures Financing and Makes New Appointmentsadmin
Passport Potash Inc. is pleased to announce that it has arranged a fully subscribed non-brokered private placement of $5,500,000.00 which consists of 22,000,000 units at $0.25 cents, each unit consisting of one common share and one full warrant exercisable at $0.35 cents for a period of two years. The proceeds, which are to be used for general working capital and the current drill program underway, will take Passport through to pre-feasibility. A finder’s fee may be paid in certain instances. The foregoing is subject to regulatory approval.
In addition, Passport is pleased to announce new appointments and the expansion of its management team. Joshua Bleak has been appointed as Passport’s President and CEO and will continue serving on the board of directors. Stephen Butrenchuk remains a member of the board of directors of Passport and will continue serving in that capacity. John H. Eckersley has been appointed as Passport’s Vice President of Legal and Corporate Affairs.
Mr. Bleak has extensive experience in mining and mineral exploration, coming from four generations of mining experience. He is President of North American Environmental Corp., a consulting company specializing in project management, permitting, lobbying and land tenure. Mr. Bleak has recently managed a broad range of mining exploration projects throughout North America.
Mr. Eckersley is a prominent attorney in the United States who brings a wealth of knowledge and experience to Passport. He has previously served as corporate counsel focusing on the preparation of SEC registration statements, limited offering exemption documents, and merger and reverse merger documents. As the new Vice President of Legal and Corporate Affairs, Mr. Eckersley is responsible for corporate governance and compliance issues, merger and acquisition activity and Passport’s corporate transactions.
“We are pleased to have John Eckersley join our management team,” says Passport’s President. “He brings significant experience to our company as we continue to negotiate with potential strategic partners.”