Passport Energy Announces Private Placement for Bakken Drilling Program
Passport Energy Ltd. (PPO - CNSX),announces that it has arranged a non-brokered private placement for a maximum of 20,000,000 units at a price of $0.25 per unit, for total gross proceeds of up to $5,000,000. Each unit is comprised of one (1) common share and one (1) share purchase warrant. Each warrant entitles the holder to purchase one (1) additional common share of the Company for a period of eighteen months at a price of $0.35 per share. The private placement will be subject to regulatory approval. In addition, all securities will be subject to a hold period of four (4) months from the date they are issued. The private placement will be subject to a finder's fee of 8% cash fee and 8% broker warrants to registered dealers who introduce subscribers under the offering.
- Published: 06 January 2011
- Written by Editor