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Prophecy Coal Corp Accepts Offer To Purchase Prophecy Platinum Corp. Shares


Wednesday, 23 Oct 2013 04:04pm EDT 

Prophecy Coal Corp. (Prophecy or the Company) announced that it has accepted an offer to purchase 17,300,000 shares of Prophecy Platinum Corp. (PPC) representing 22.42% of the issued and outstanding shares of PPC. Closing of the purchase and sale has been scheduled for October 29, 2013. The purchase and sale agreement is subject to termination by the purchaser in the event of an adverse material change or force majeure event. The purchaser is acting on behalf of certain nominees and the agreement can also be terminated at the discretion of the lead nominee of the purchaser. Proceeds from the sale of PPC shares will be used to repay outstanding debt due October 31, 2013 to Waterton Global Value LP in the approximate amount of $7 million. 

Company Quote

0.6
0.03 +5.26%
18 Dec 2013