Prophecy Has Initiated Detailed Engineering with M3 and also Receives $1.338 Million from Warrant Exercises
Prophecy Has Initiated Detailed Engineering with M3 and
also Receives $1.338 Million from Warrant Exercises
Vancouver, British Columbia, December 18 , 2018 – Prophecy Development Corp.
(“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) is pleased to
announce that since October 31, 2018, it has received additional gross aggregate proceeds
of $1,338,168 from the exercise of 3,445,420 previously outstanding warrants (the
“Warrants”). This is in addition to the previously announced bought deal prospectus offering
of $5.52 million per the Company’s news release of November 22, 2018.
The Company also announces that, further to its previous news release dated August 15,
2018, the Company has selected M3 Engineering & Technology Corporation (“ M3”) of
Tucson, Arizona to provide engineering, procurement, construction and management
services (EPCM) for its Gibellini Vanadium Project in response to its Request for Proposal .
M3 was selected for its specific experience in heap leach engineering, and construction
expertise in arid environments such as Nevada and Arizona.
Gerald Panneton commented: “We are very pleased to have awarded the EPCM services
contract to M3, who bring very targeted experience to the Gibellini Vanadium Project located
in Eureka, Nevada . With their proven experience and expertise in project design and
construction management, we have completed the team to expedite the 2019 update of the
engineering previously based on the May 2018 Preliminary Economic Assessment and the
2011 Feasibility Study. We look forward to filing in 2019 all of the construction related permit
applications and initiating the Environmental Impact Statement with the Bureau of Land
Management (BLM) for the Gibellini Project.”
Finally, further to its previous news release dated July 9, 2018, the Company has currently
decided for the time being , not to spin off a royalty and streaming company as previously
contemplated.
About Prophecy
Prophecy is developing the Gibellini project – the only large -scale, open -pit, heap -leach
vanadium project of its kind in North America. Located in Nevada, Gibellini has the largest NI
43-101 compliant measured and indicated primary vanadium resource known in the USA and
is currently undergoing EPCM and permit development. Further information on Prophecy can
be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“Gerald Panneton”
President and CEO
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 historica l 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 a nd 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 achievemen ts 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 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 intend ed. 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.