Passport Potash Inc. (TSXV:PPI,OTCQX:PPRTF) has obtained a preliminary injunction in the civil action in Salt Lake County, Utah. The action was initiated by North American Potash Developments and other parties to the March 28, 2011 Option Agreement with Passport. The decision by the court enjoins Optionors from terminating the Agreement at this time.
As quoted in the press release:
The court’s ruling confirms Passport’s position, which it has taken from the onset of this action, that Optionors cannot unilaterally terminate the Agreement. The Company feels that this ruling is a significant step forward and is confident that it will prevail should the action continue to trial.
Passport Potash President and CEO Joshua Bleak said:
We are very pleased with the court’s decision. From the onset of this action our position has been that Optionors should abide by the terms of the Agreement. Hopefully this decision will help them to do so.