Prophecy Announces $150,000 Private Placement
Vancouver, British Columbia (FSCwire) - Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) announces that it is undertaking a non-brokered private placement (the “Placement”) involving the issuance of up to 50,000 units (each a “Unit”) at a price of $3.00 per Unit. Each Unit will consist of one Common share in the capital of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional Share at a price of $4.00 per Share for a period of five years from the date of issuance.
The Company expects the Placement to close on or before January 13, raising total cash proceeds of up to $150,000 to be used to develop Prophecy’s mineral projects and for general working capital purposes.
The Shares will be subject to a minimum hold period of four months plus one day from the date of issue. Finder’s fees may be paid in cash, in certain instances in connection with the Placement.
No insiders of the Company will be subscribing for any Units under the Placement.
The Placement and payment of any finder’s fees are subject to the approval of the TSX and other customary closing conditions.
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.