Passport Potash Inc (PPI.V) is down 12% in afternoon trade, having opened at its highest level in about a month at 30 cents and going on to touch an early day high of 31.5 cents before sellers moved in. More than 4.9 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 nearly $7 milllion which consists of 46,500,000 units at $0.15 cents, each unit consisting of one common share and one half warrant exercisable at $0.20 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 announces 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 $0.83 cents. The options will be re-priced at $0.20 cents.
The private placement and re-pricing are subject to regulatory approval.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
