Passport Potash Inc.
TSX VENTURE : PPI

February 04, 2011 09:30 ET

Passport Potash Inc. Closes Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2011) - Passport Potash Inc. (TSX VENTURE:PPI) wishes to announce that it has closed the private placement announced on January 18, 2011 for gross proceeds to the company totaling $7,107,500. The Company has issued 28,430,000 common shares at a price of $0.25 with a share purchase option, exercisable at $0.35 for a two year term to January 30, 2013. The shares have a hold period to June 3, 2011. The proceeds of $7,107,500 will be used for exploration and drilling at Holbrook properties in Arizona.

Passport Potash paid commissions to finders under the placement totaling $29,250 in cash.

On behalf of the Board of Directors

PASSPORT POTASH INC.

Joshua Bleak, President

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Passport Potash Inc.
    Corporate Communications
    Toll Free: (855) 476 9774 or (780) 920 5044
    www.passportpotash.com