Prophecy Announces $3,108,000 Private Placement
Prophecy Announces $3,108,000 Private Placement
Vancouver, British Columbia, August 25, 2017 – 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 888,000 units (each a “Unit”) at a price of $3.50 per Unit. Each Unit will
consist of one Common share in the capital of the Company (a “Share”) and one half of 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 three years from the date of
issuance.
Company management and directors will subscribe for up to $350,000, being the equivalent
of up to 100,000 Units of the Placement.
The Company expects to raise gross cash proceeds of up to $3,108,000 to be used to
develop Prophecy’s mineral projects and for general working capital purposes.
The Units 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.
The Placement and payment of any finder’s fees are subject to the approval of the TSX and
other customary closing conditions.
About Prophecy
About Prophecy Prophecy Development Corp. is a Canadian public company listed on the
Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising
vanadium prices by defining and adding attributable vanadium resources in the ground in
politically safe jurisdictions.
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 wh ich 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 Prophecy’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 will prove to be correct. In addition, although Prophecy has
attempted to identify important factors that could cause actual actions, events or results t o
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 revis ions 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.