Prophecy Closes $4,539,390 First Tranche of Private Placement
Prophecy Closes $4,539,390 First Tranche of Private Placement
Vancouver, British Columbia, September 20, 2017 – Prophecy Development Corp.
(“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) announces
that it has closed the first tranche of the $5,757,360 non-brokered private placement (the
“Placement”) announced on August 25, 2017 and increased on September 1, 2017.
The first tranche of the Placement raised gross cash proceeds of $4,539,390 through the
issuance of 667,968 units (the “Units”) and 629,000 special warrants (the “Special
Warrants”) of Prophecy. Each Unit is comprised of one Common share and one half of one
Common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles
the holder to purchase one additional Common share of the Company at an exercise price
of $4.00 for a period of three years from the closing of the first tranche of Placement. Each
Special Warrant will be exercisable for one Unit at no additional cost to the holder provided
TSX and shareholder approval for the issuance of the Units underlying the Special Warrants
is obtained at a general meeting of shareholders to be called within 60 days after the
closing of the total Placement.
John Lee, Executive Chairman of the Company, personally subscribed for $350,000, being
the equivalent of 100,000 Special Warrants of the Placement in the first tranche.
The Company paid in cash, finder’s fees totaling $30,604 and issued 87,013 finder’s
Special Warrants which are exercisable on identical terms as those Special Warrants
issued to subscribers through the Placement.
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 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 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 uncertaintie s
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 read ers 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 reas onable, 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 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.