Non-brokered deal funds project development, general working capital
By Devika Patel
Knoxville, Tenn., Sept. 30 – Prophecy Development Corp. said it raised C$556,000 in the first tranche of a C$2 million non-brokered private placement of units. The deal priced on Sept. 1.
The company is selling up to 40 million units of one common share and one warrant at C$0.05 per unit. It sold 11.12 million units in the first tranche.
Each warrant is exercisable at C$0.07 for five years. The strike price is a 40% premium to the Aug. 31 closing share price of C$0.05.
Proceeds will be used to develop Prophecy’s mineral projects and for general working capital purposes.
Based in Vancouver, B.C., Prophecy develops mining and energy projects in Mongolia, Bolivia and Canada.
| Issuer: | Prophecy Development Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Shares: | 40 million
|
| Price: | $0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.07
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 30 (for C$556,000)
|
| Stock symbol: | Toronto: PCY
|
| Stock price: | C$0.05 at close Aug. 31
|
| Market capitalization: | C$14.6 million
|
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