2013-09-28 00:19:20 -
("Passport" or the "Company") announces that further to its previously announced plans to issue share for debt, it has settled $300,950.02 of outstanding debts owing to various arm's length creditors by issuing an aggregate of 6,019,001 common shares at a deemed price of $0.05 per common share. The common shares to be issued with the transaction are be subject to a four month hold period, and 5,782,574 shares ($289,128.66 of debt) will be subject to a concurrent Exchange hold period of one year with 20% released upon Exchange acceptance, and an additional 20% released every 3 months thereafter.
Passport is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a
focus on Bakken oil projects.
The Company trades on the TSX Venture Exchange under the trading symbol "PPO".
For more information, please refer to the Company's public documents available on SEDAR (www.sedar.com).
For further information contact:
President & CEO
Christopher Gulka, CA CFA
Chief Financial Officer
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the word ''may" is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Passport believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to Passport seeking disinterested shareholder approval for its proposal to settle outstanding management fees with three individuals who are directors and/or officers of the Company. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions; and other factors, many of which are beyond the control of Passport. The forward-looking statements contained in this news release represent Passport's expectations as of the date hereof, and are subject to change after such date. Passport disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the press release as a PDF file, please click on the following link:
Source: Passport Energy Ltd. (PPO - TSX-V)
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