Debentures sold with warrants to fund preliminary economic assessment
By Devika Patel
Knoxville, Tenn., April 5 - Passport Potash Inc. settled a $200,000 private placement of convertible debentures on April 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 15% debentures are initially convertible into common shares at $0.19 per share and due on April 4, 2014.
The investors also received warrants for 1 million common shares. The warrants are each exercisable at $0.19 for one year.
The strike price and conversion price are a 5% discount to the April 3 closing share price of $0.20.
Proceeds will be used for a preliminary economic assessment and general working capital.
Passport is a Vancouver, B.C.-based potash mining company.
| Issuer: | Passport Potash Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $200,000
|
| Maturity: | April 4, 2014
|
| Coupon: | 15%
|
| Conversion price: | $0.19
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.19
|
| Settlement date: | April 4
|
| Stock symbol: | OTCBB: PPRTF
|
| Stock price: | $0.20 at close April 3
|
| Market capitalization: | $35.93 million
|
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