Passport Potash re-opened and upped its offering cap to receive $1.03 million in commitments


Change: offered +45% / raised +15% / placed 79%

passport potashPassport Potash re-opened and upped its mezzanine financing to $1.3 million from $899,000 after selling additional securities. Prior investors ponied up an additional $135,000. They had previously subscribed to $899,000 in securities according to another filing disclosed in March 2013. So far, five backers committed $1.03 million to Passport Potash’s offering. The private placement’s expected net proceeds will amount to $1.29 million, excluding $16,000 paid in brokerage fees by the company. The offering is structured as indefinite and will remain open until fully subscribed. The company closed six unregistered private placements which raised an estimated $26.48 million. The company has been re-structuring its debt and common share capital lately. Passport Potash trades on the OTC under ticker “PPRTF” and on the TSX under ticker “PPI”.

The company discovers, acquires and develops potash properties. Passport Potash owns 81,000 acres in the Holbrook Basin in Arizona. Potash is a key ingredient in fertilizers.

The company, headquartered in Vancouver Canada, is led by Joshua Bleak (President and CEO). Passport Potash kept its revenues undisclosed.
The executive team includes Bill Allred, David Salisbury, John Eckersley and Michael X Schlumpberger.
The board of directors includes Ali Rahimtula and Frank Hogel.

The company has raised an estimated total of $27.52 million via private unregistered security offerings.

Offering recap
Status: Intermediary close
Company: Passport Potash
Industry: Other
Amount offered: $1.3 million
Amount placed: $1.03 million
First sale: 02-19-2013
Data as of: 03-31-2014

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