Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) reported that the lawsuit filed by North American Potash Developments Inc. and other parties (NAPD Group) has been dismissed with prejudice. Passport Potash has acquired the exploration permits held by the NAPD Group.
As quoted in the press release:
Pursuant to the terms of the amendment agreements, Passport has paid for and acquired a 100%, royalty free interest in the 25 Arizona State Land Department (“ASLD”) exploration permits (“Permits”) on the east side of the Holbrook Basin which were held by the NAPD Group.
Passport Potash Inc. President and CEO, Joshua Bleak, said:
We are thrilled to have completed the acquisition of these strategic exploration permits. We are also glad to have the lawsuit settled, so that we can focus our efforts on developing this important project.