Passport Potash Inc. Secures Financing and Makes New Appointments
VANCOUVER, BRITISH COLUMBIA-(Marketwire - Jan. 18, 2011) - Passport Potash Inc. (TSX VENTURE:PPI) 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.”
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.