Passport Potash Inc Announces Closing of Private Placement

Passport Metals Inc. announced that it has now closed the non-brokered private placement consisting of 41,666,425 units of the Company, at a subscription price of $0.18 per Unit, for gross proceeds of $7,499,956.50. Each Unit consists of one common share and one-half of one common share purchase warrant of the Company with each whole Warrant entitling the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 per Warrant Share up to and including January 11, 2013. All Shares issued pursuant to the Offering, and any Warrant Shares issuable in connection with the exercise of any of the Warrants, if any, will be subject to a four month hold period expiring on May 12, 2012, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Proceeds of the Offering are to be used for general working capital and the current exploration program.