Prophecy Amends Private Placement and Expects to Close First Tranche in Early July
Prophecy Amends Private Placement and
Expects to Close First Tranche in Early July
Vancouver, British Columbia, June 26, 2018 – Prophecy Development Corp.
(“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) announces
further to its news release dated May 30, 2018, that it has amended the terms of the private
placement (the “Placement”) as follows:
The amended Placement will now involve the issuance of up to 700,000 units (each a
“Unit”) at a price of $2.80 per Unit. Each Unit consists of one Common share in the capital
of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant
continues to entitle the holder to acquire an additional Share at a price of $4.00 per Share
for a period of three years from the date of issuance.
John Lee, Executive Chairman of the Company, will personally subscribe for $280,000,
being the equivalent of 100,000 Units of the amended Placement.
The Company expects to raise cash proceeds of up to $1,960,000 in two closing tranches.
Closing of the first tranche of the amended Placement for 467,499 Units for total proceeds
of $1,308,997.20 is expected to occur by July 6, 2018. No finders fees will be payable for
this tranche.
All securities issued in connection with the Placement will be subject to a minimum hold
period of four months plus one day from the Placement closing dates. Finder’s fees may be
payable in certain instances in connection with the Placement.
The Placement and payment of any finder’s fees are subject to the approval of the TSX and
other customary closing conditions.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock
Exchange. Prophecy's main objective is to develop the Gibellini primary vanadium mining
project in the Battle Mountain region in northeastern Nevada to production. Further
information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“JOHN LEE”
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Toronto Stock Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain
words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar
expressions, and statements related to matters which are not historical facts, are forward -
looking information within the meaning of applicable securities laws. Such forward -looking
statements, which reflect management’s expectations regarding Prop hecy’s future growth,
results of operations, performance, business prospects and opportunities, are based on
certain factors and assumptions and involve known and unknown risks and uncertainties
which may cause the actual results, performance, or achievements to be materially different
from future results, performance, or achievements expressed or implied by such forward -
looking statements.
These factors should be considered carefully, and readers should not place undue reliance
on the Prophecy’s forward -looking statements. Prophecy believes that the expectations
reflected in the forward -looking statements contained in this news release and the
documents incorporated by reference herein are reasonable, but no assurance can be
given that these expectations w ill prove to be correct. In addition, although Prophecy has
attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in forward looking statements, there may be other
factors that cause actions, events or results not to be as anticipated, estimated or intended.
Prophecy undertakes no obligation to release publicly any future revisions to forward -
looking statements to reflect events or circumstances after the date of this news or to reflect
the occurrence of unanticipated events, except as expressly required by law.