Prophecy Coal Arranges $9 Million Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/12 -- Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) announces that the Company has arranged a non-brokered private placement of approximately 20,000,000 shares at a price of $0.45 per share to raise aggregate gross proceeds of $9,000,000.
Company insiders and existing shareholders have subscribed for a majority of this financing.
Finder's fees may be payable in connection with the financing in accordance with the policies of the TSX Exchange.
Closing of the placement is anticipated to occur on or before March 7, 2012.
Proceeds of the placement will be applied to the relevant technical work requirements to bring the Chandgana Thermal Coal Power Project, located in Mongolia, toward development, in addition to general working capital.
The Company also wishes to announce the credit facilities of $7 million announced on December 30, 2011 have been closed out. The $800,000 balance has been paid off and Prophecy remains debt free.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The company has over 1.4 billion tonnes(i) of near surface thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Chandgana 600 MW mine mouth power plant has been permitted and its Ulaan Ovoo coal mine is now in production. Prophecy Coal is the controlling shareholder of Prophecy Platinum Corp. (TSX VENTURE: NKL). Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further information on Prophecy Coal can be found at .
ON BEHALF OF THE BOARD OF DIRECTORS Prophecy Coal Corp.
John Lee, CEO/Chairman
(i) Includes 1.2 billion tonnes at the Chandgana coal project based on NI 43-101 technical reports completed in September, 2007 and September, 2010.
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, regulatory, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business and large infrastructure projects such as power plants require huge amounts of capital which may not be available to Prophecy on terms which will allow its shareholders to realize a reasonable return or on any terms at all. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of its business, investors should review filings that are available at .
"Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Prophecy Coal Corp.
David Brook
Manager, Investor Relations
1-800-358-5865
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Datum: 01.03.2012 - 14:38 Uhr
Sprache: Deutsch
News-ID 120664
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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