Prophecy Announces Appointment of New Director and Closing of Private Placement
Prophecy Announces Appointment of New Director and
Closing of Private Placement
Vancouver, British Columbia, August 14, 2018 – Prophecy Development Corp.
(“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) is pleased to
announce that effective today, Daniel Fidock has been appointed as a member of the Board
of Directors of the Company.
Mr. Fidock is based in Asia. For the majority of his career, Mr. Fidock has been an
international corporate executive in the information and technology arena for the last 20
years. During this time, he has focused on commercialization and new product introduction
in a range of developed and developing countries including: China, India, Malaysia, Thailand,
Singapore, Hong Kong and the UK. Mr. Fidock is currently a partner with True Global
Ventures, a firm focusing on early stage investment in a range of industry sectors. He holds
an MBA from the University of New South Wales and University of Sydney, as well as an MSc
from the University of Oxford. Mr. Fidock is also a member of the Australian Institute of
Company Directors. Mr. Fidock is a significant Prophecy shareholder owning 6,364,280
Common shares, along with the Company’s Executive Chairman, John Lee, who beneficially
owns 12,499,627 Common shares.
The Company also announces that it has closed the second and final tranche of its non-
brokered private placement previously announced on May 30, 2018 and amended on June
26, 2018 (the “Placement”). The second and final tranche of the Placement raised gross
cash proceeds of $55,506 through the issuance of 198,237 (post-share split) units
(the “Units”, and each a “Unit”) of Prophecy to John Lee, the Company’s Executive
Chairman, at a price of $0.28 per Unit. Each Unit is comprised of one (post-split) Common
share (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the
holder to purchase one additional Share of the Company at an exercise price of $0.40 for a
period of three years from the closing of the second tranche of the Placement.
Mr. Lee decreased his personal subscription from the amount previously announced on June
26, 2018, to 10% of the total Placement (being $108,199 to purchase the equivalent of
386,427 Units). In addition, Mr. Lee also personally purchased an additional equivalent of
509,500 Shares in the secondary market during the period between May 31 and July 20,
2018.
The total gross aggregate Placement proceeds of $1,137,196 are expected to be used for
the Company’s mineral project development and for general working capital purposes. No
finders fees were paid in connection with any portion of the Placement.
All Shares attached to the Units issued in connection with this second and final tranche of the
Placement are subject to a four month and one day hold period.
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.
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 expectatio ns 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 Pro phecy’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 the se
expectations will 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.