Funding for natural resource companies, (not just potash companies) continues to be very difficult to get. This will certainly remain the case for the next few months at the very least. A peer junior potash player announced an IPO last week. The company's name is Potash Ridge. The newly listed stock will start trading later this week.
The IPO was contemplated at $100 million in early 2012, then cut to $50 million, $40 million and finally $20 million. Of the $20 million raised, about a third is in the form of units with 100% warrant coverage at the raise price. Recall that Passport's units offer just 50% warrant coverage at a price 40% above the raise price. I continue to be quite happy with Passport's raise, (now that it's behind us!).
Potash Ridge's project is in Utah. It's a SOP project that will not be in direct competition with Passport's MOP focus. Good things ahead for Passport. 2013 is poised to be an extraordinary year.