Prophecy Meets Bolivian Minister of Mining and Metallurgy and Early Warning Report
Vancouver, British Columbia (FSCwire) - Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTC:PRPCD, Frankfurt:1P2N) is pleased to report that Bolivia’s Minister of Mining and Metallurgy, César Navarro, met with Prophecy and representatives from other international mining companies operating in Bolivia on November 9, to coordinate and prepare for the Minister's upcoming participation at the Prospectors & Developers Association of Canada (PDAC) convention to be held in Toronto, Canada from March 5-8, 2017.
Minister Navarro stated: “Both, public and private mining sectors will try to attract foreign investment disclosing and sharing their experience with investors from several parts of the world.”
The other participants of the meeting were: the Presidents of Sinchi Wayra S.A. (Glencore Plc) and Manquiri S.A. (Coeur Mining Inc.), plus representatives from Empresa Minera San Cristóbal (Sumitomo Corp.), Pan American Silver Corp., Empresa Minera Paitití (Orvana Minerals Corp.) and Organismo Latinoamericano de Minería (OLAMI).
This gathering follows Prophecy's meeting with Minister Navarro in La Paz on October 9, which was facilitated by the Embassy of Canada in Bolivia. During that meeting, Minister Navarro stated that “the aim of the recent mining regulation is to support the investors and ensure the inclusion of cooperative labour in their projects".
The Company also announces that John Lee, of Suite 1301, 12 Harcourt Road, Central, Hong Kong, Executive Chairman of the Company, acquired 11,200 shares of Prophecy (the “Acquisition”) through trading in the secondary market (i.e. the Toronto Stock Exchange) today.
Prior to the Acquisition, Mr. Lee beneficially owned 1,087,853 shares, representing approximately 22.85% of the issued and outstanding shares of the Company.
As a result of the Acquisition, Mr. Lee now beneficially owns and exercises control over an aggregate of 1,099,053 shares representing an interest of approximately 23.09% of the Company’s currently issued and outstanding shares, and 34.80% of the Company’s shares on a fully diluted basis assuming exercise of all of the Company’s outstanding share purchase warrants.
The securities were acquired by Mr. Lee for investment purposes only, and not for purposes of exercising control or direction over the Company.
Generally, Mr. Lee intends to evaluate his investment in the Company and to increase or decrease his shareholdings as circumstances require, depending on market conditions and other factors, through market transactions, private agreements or otherwise.
The information contained in this news release has been provided by Mr. Lee and the Company is not responsible for its accuracy.
A copy of the early warning report pursuant to National Instrument 62-103 required to be filed with the applicable securities commissions in connection with the acquisition of the shares described in this news release will be available for viewing under the Company’s profile at www.sedar.com. A copy of the early warning report can also be obtained from the contact number for Investor Relations below.
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in developing mining and energy projects in Mongolia, Bolivia and Canada. Further information on Prophecy can be found at www.prophecydev.com.