Passport Energy will conduct C$9 million private placement of stock

Offering with C$1.2 million greenshoe funds exploration, development

By Devika Patel

Knoxville, Tenn., Jan. 26 - Passport Energy Ltd. said it will price a C$9 million private placement of stock with a C$1.2 million greenshoe in the context of the market.

The company will sell C$1 million of flow-through shares and C$8 million of common shares.

Settlement is expected on Feb. 22.

The deal will be conducted on a commercial best-efforts basis by a syndicate of agents led by Salman Partners Inc. and including National Bank Financial and Haywood Securities Inc.

Proceeds will be used for exploration and development activities at the company's Hardy Bakken project.

Passport Energy is a Calgary, Alta.-based junior natural resource exploration company.

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