Passport Energy takes in C$2.6 million via private placement of stock

Deal conducted by Salman Partners, National Bank, Haywood

By Devika Patel

Knoxville, Tenn., April 27 - Passport Energy Ltd. said it settled a private placement of stock, raising C$2.6 million.

The company sold 9,757,316 common shares at C$0.15 apiece, a 15.39% premium to the April 26 closing share price of C$0.13. It also sold 6,709,681 flow-through common shares at C$0.17 apiece, a 30.77% premium to the April 26 closing share price.

The deal was conducted on a commercial best-efforts basis by Salman Partners Inc., National Bank Financial Inc. 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.

Issuer:	Passport Energy Ltd.
Issue:	Common shares, flow-through common shares
Amount:	C$2,604,243
Warrants:	No
Agent:	Salman Partners Inc., National Bank Financial Inc. and Haywood Securities Inc.
Settlement date:	April 27
Stock symbol:	CNSX: PPO
Stock price:	C$0.13 at close April 26
Common stock
Amount:	C$1,463,597
Shares:	9,757,316
Price:	C$0.15
Flow-through stock
Amount:	C$1,140,646
Shares:	6,709,681
Price:	C$0.17

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