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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
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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. 

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19 Dec 2014