Passport Potash Inc Announces $12,500,000 Private Placement

Passport Potash Inc announced that is has arranged a non-brokered fully subscribed private placement for 69,444,444 Units at a price of $0.18. Each Unit consists of one common share and one-half of one share purchase warrant. Each warrant will entitle the holder to purchase an additional common share at a price of $0.25 for a period of five years. Finders' fees may be paid in certain instances. The proceeds from the private placement will be used for property payments, general working capital and the exploration program of the Company.