Passport Potash Opens At Highest Level In Month, But Down 7%
Passport Potash Inc (PPI.V) is down 6.9% in morning trade. The shares opened at its highest level in a month, at 30 cents.
More than 3.1 million shares have been traded so far.
Passport Potash terminated its letter of intent with NZ Legacy last week.
Passport also announced that it has arranged a fully subscribed non-brokered private placement of $6.975 millio, consisting of 46,500,000 units at 15 cents, each unit consisting of one common share and one half warrant exercisable at 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.
Passport further announced that it will be re-pricing 5,777,000 options that were issued at $1.20 and 1,321,000 options that were issued at 83 cents. The options will be re-priced at 20 cents.
The private placement and re-pricing are subject to regulatory approval.
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