Key Developments: Prophecy Coal Corp (PRPCF.PK)
0.15USD
17 Jun 2013
$-0.00 (-1.64%)
$0.15
$0.15
$0.15
$0.15
1,500
41,951
$0.31
$0.08
Latest Key Developments (Source: Significant Developments)
Prophecy Coal Corp Closes Final Tranche Of Private Placement
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
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
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
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
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
Prophecy Coal Corp Appoints Chief Financial Officer
Prophecy Coal Corp announced the appointment of Jeffrey Mason as Chief Financial Officer. Full Article
Prophecy Coal Corp Consolidates Chandgana Coal Basin by Agreeing to Acquire Tugalgatai Licenses From Tethys Mining LLC
Prophecy Coal Corp announced that it has entered into a binding Sale and Purchase Agreement to acquire assets relating to certain Tugalgatai coal exploration licenses from Tethys Mining LLC and to have such exploration licenses transferred to it. The Tugalgatai licenses are contiguous to the Company's Chandgana licenses which host a measured resource of 650 million tonnes and an indicated resource of 540 million tonnes of thermal coal. The terms of the Agreement include a USD10 million upfront payment and an 8.5% royalty on future coal sales from both the Chandgana and Tugalgatai licenses. The royalty can be extinguished by paying Tethys USD20 million before 2021 or USD25 million from 2021 onwards. Of the purchase price, $2 million will be immediately deposited in escrow. The total payment will be paid to Tethys upon the transfer of the licenses. Full Article
Prophecy Coal Corp. Secures Contract
Prophecy Coal Corp. announced that it has entered into a coal sales contract with a local Mongolian direct reduced iron (DRI) manufacturing plant (the Buyer), for the sale of 22,100 tonnes of thermal coal from the Company's Ulaan Ovoo mine. Full Article
CORRECTION - Prophecy Coal Corp. Closes $10 Million Private Placement
CORRECTED TO READ IN THE HEADLINE - "Prophecy Coal Corp."... INSTEAD OF... "Prophecy Resource Corp.". Prophecy Coal Corp. announced the closing of the private placement previously announced on March 1, 2012. Due to investor demand, the Company has increased the size of the non-brokered private placement of common shares to 22,363,866 shares at a price of $0.45 per share for gross proceeds of $10,063,740 (Placement). Company insiders invested $508,500 and together with existing shareholders have subscribed for a majority of this financing. Finder's fees of 6% of the proceeds placed, payable in cash, were paid on certain arms-length portions of the placement. All shares issued are subject to a hold period expiring on July 9, 2012. Proceeds of the Placement will be applied to technical work at the Chandgana Thermal Coal Power Project, operations at the Ulaan Ovoo mine and general corporate purposes. The Company also announced that it has granted options to acquire an aggregate of 3 million common shares at a price of $0.485 per share for a period of five years to directors, officers, consultants and employees of the Company. The above grant is subject to regulatory approval, including the approval of the TSX Exchange. Full Article
CORRECTION - Prophecy Coal Corp. Arranges $9 Million Private Placement
CORRECTED TO READ IN THE HEADLINE - "Prophecy Coal Corp."... INSTEAD OF... "Prophecy Resource Corp.". Prophecy Coal Corp. announced that the Company has arranged a non-brokered private placement of approximately 20,000,000 shares at a price of $0.45 per share to raise aggregate gross proceeds of $9,000,000. Company insiders and existing shareholders have subscribed for a majority of this financing. Finder's fees may be payable in connection with the financing in accordance with the policies of the TSX Exchange. Closing of the placement is anticipated to occur on or before March 7, 2012. Proceeds of the placement will be applied to the relevant technical work requirements to bring the Chandgana Thermal Coal Power Project, located in Mongolia, toward development, in addition to general working capital. Full Article
TEXT-Fitch takes rating actions on some enhanced muni bonds, TOBs
March 1 - Fitch Ratings has taken various conforming rating actions on enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds. Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in Fitch's 'Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds', dated March 9, 2012. Short-term ratings on enhanced municip
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
