Key Developments: Prophecy Coal Corp (PCY.TO)

PCY.TO on Toronto Stock Exchange

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17 Apr 2014
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Latest Key Developments (Source: Significant Developments)

Prophecy Coal Corp Extends Date For Sale Of Prophecy Platinum Corp. Shares
Wednesday, 6 Nov 2013 09:41am EST 

Prophecy Coal Corp announced that the closing date for the sale of Prophecy Platinum shares has been extended to November 8, 2013 by agreement between the parties. Proceeds of the sale will be used to repaying outstanding debt due to Waterton Global Value LP.  Full Article

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.  Full Article

Prophecy Coal Corp Signs Additional Coal Off-take Agreement
Monday, 7 Oct 2013 08:32am EDT 

Prophecy Coal Corp announced that it has entered into a coal sale contract (the Contract) for the sale of 30,000 tonnes of coal per month from the Company's Ulaan Ovoo mine (the Mine) to a buyer at the Mine gate. Under this Contract, 30,000 tonnes of coal per month will be sold by the Company and picked up by the buyer at the Mine gate. The buyer is a new customer with substantial presence in the region and this Contract is separate from sales contracts announced in news releases dated August 12, 2013 and August 28, 2013.  Full Article

Prophecy Coal Corp Appoints New Chief Financial Officer
Friday, 20 Sep 2013 10:13am EDT 

Prophecy Coal Corp announced that it has appointed Irina Plavutska CGA as the Chief Financial Officer of the Company effective immediately. Ms. Plavutska replaces Jeff Mason as Prophecy's Chief Financial Officer.  Full Article

Prophecy Coal Corp Signs Multiple Coal Offtake Agreements
Wednesday, 28 Aug 2013 09:33am EDT 

Prophecy Coal Corp announced that in the last 60 days, it has entered into binding coal sales contracts with a number of buyers which will involve the sale of over 30,000 tonnes of coal per month (annualized rate of over 360,000 tonnes) from the Company's Ulaan Ovoo mine. The buyers include cement plants, a metallurgical plant, a heat plant, chemical plants and Russian traders. The off-take quantity and variety of customers reflect the Company's significant efforts to drive higher margin sales while satisfying government power plant needs, which are excluded from the 30,000 tonnes per month forecast. All sales require pre-payment, as has been the Company's practice since January 2013.  Full Article

Prophecy Coal Corp Closes Final Tranche Of Private Placement
Friday, 7 Jun 2013 08:30am EDT 

Prophecy Coal Corp announced the closing of a second and final tranche of the private placement. The second tranche of the Placement closed with the issuance of 8,142,857 units (each a Unit) of the Company for aggregate consideration of $1,140,000. Each Unit consists of one common share and 0.75 of a common share purchase warrant (a Warrant), at a purchase price of $0.14 per Unit. Each whole Warrant is exercisable for one common share of Prophecy at a price of $0.18, expiring two years from the date of issue. Each Unit sold in the second tranche closing also included an adjustment warrant entitling the holder to acquire additional common shares of the Company in certain circumstances. All securities issued in connection to the Placement are subject to a four months and one day hold period from the date of security issuance.  Full Article

Prophecy Coal Corp Updates On Closing Of $1.14 Million Final Tranche Of Private Placement
Friday, 31 May 2013 08:48am EDT 

Prophecy Coal Corp announced that it expects shortly to close a second and final tranche of the Placement, which will involve the issuance of 8,142,857 units of the Company for aggregate consideration of $1,140,000. Each Unit consists of one common share and 0.75 common share purchase warrant, at a purchase price of $0.14 per Unit. Each whole Warrant is exercisable for one common share of Prophecy at a price of $0.18, expiring two years from the date of issue. It is anticipated that the final tranche closing will happen during the week of June 2-June 8, 2013. Upon closing of the final tranche, in total the Company will have raised $1,753,560 through the issuance of 12,525,428 Units in the Placement. The Placement was reduced from the originally announced 60 million Units due to the prolonged Chinese regulatory approval process required by NewMargin Prophecy Coal Limited, which is at arm's length to the Company, to invest in Canada, and adverse market conditions, resulting in an amendment to NewMargin Prophecy Coal Limited's original subscription of 40 million Units. Insiders purchased 1 million Units of the placement.  Full Article

Prophecy Coal Corp Closes First Tranche Of Private Placement
Tuesday, 16 Apr 2013 08:30am EDT 

Prophecy Coal Corp announced that it has closed the first tranche of the non-brokered private placement (the Private Placement) announced on February 7, 2013. The first tranche of the Private Placement raised gross proceeds of $613,560 through the issuance of 4,382,571 units (each a Unit) of the Company, of which each Unit consists of one common share (a Share) and 0.75 common share purchase warrant (a Warrant), at a purchase price of $0.14 per Unit. Each whole Warrant is exercisable into one common share of Prophecy at a price of $0.18, expiring two years from the date of issue. Finder's fees of 6% were paid in connection with a portion of the first tranche of the Private Placement. The foregoing Shares, Warrants and any shares issued upon the exercise of the Warrants are subject to a hold period which expires August 12, 2013. The Private Placement involves the issuance of up to 60 million Units for gross proceeds of $8.4 million. In its February 7, 2013, news release, the Company announced that NewMargin Prophecy Coal Ltd. (NewMargin) had subscribed for 40 million Units in the Private Placement. The proceeds of the Placement will be used for the Chandgana power plant project and for general working purposes.  Full Article

Prophecy Coal Corp Announces Private Placement With An Asian Strategic Partner
Thursday, 7 Feb 2013 08:37am EST 

Prophecy Coal Corp announced that it is undertaking a non-brokered private placement to raise gross proceeds of up to CAD8,400,000 (the Placement). The Placement involves the issuance of up to 60,000,000 units (each a Unit) at a price of $0.14 per Unit. Each Unit consists of one common share (a Share) of the Company and 0.75 of a share purchase warrant (a Warrant). Each whole Warrant entitles the holder to acquire an additional Share at a price of $0.18 per Share for a period of two years following closing. NewMargin Prophecy Coal Ltd. (NewMargin), at arms lengths to the Company, has subscribed 40 million units of this financing. Company insiders may participate in the Placement. The Company intends to issue a combination of Units and special warrants (Special Warrants) to keep the share issuance under 25% of the Company's outstanding common shares. Each Special Warrant will be automatically exercised for one Unit without payment of additional consideration following receipt of shareholder approval, which the Company will seek at its next annual general meeting in June.  Full Article

Prophecy Coal Corp Announces Appointment Of Executive Chairman
Friday, 25 Jan 2013 08:30am EST 

Prophecy Coal Corp announced that Mr. John Lee has transitioned from his role as Chief Executive Officer (CEO) of the Company to Executive Chairman of the Board of Directors (the Board) of the Company. To complement Mr. Lee in his role as Executive Chairman of the Board, the Company has initiated a search for a new CEO to carry out day-to-day management responsibilities as the Company transitions into a true developer of coal powered electrical generation. Mr. Lee will serve as Interim CEO until a new candidate has been identified and appointed.  Full Article

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