Vancouver-Passport Potash has announced that it has arranged a fully subscribed non-brokered private placement of $5.5 million, 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. Passport has engaged Boart Longyear M&E Drilling Services to lead a drilling program on Passport’s Holbrook Basin Potash Project in Arizona. Passport says the potash bed was drilled and delineated in the 1960s and 1970s by Duvall Corporation and Arkla Exploration. Due to low potash prices in the 1970s, the Holbrook Basin potash bed was not developed after discovery. In addition, Passport announced 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 Passport’s board of directors and will continue serving in that capacity. John Eckersley has been appointed as Passport’s vice president of legal and corporate affairs. Passport says 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. The company said he recently managed a broad range of mining exploration projects throughout North America. Eckersley previously served as corporate counsel, focusing on the preparation of SEC registration statements, limited offering exemption documents, and merger and reverse merger documents.
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