Prophecy Platinum Corp. ("Prophecy Platinum", or the "Company")
(TSX VENTURE:NKL)(OTCQX:PNIKF) is pleased to announce that it has
completed a $5.9 million equity financing (the "Private Placement")
at a 12% premium to the 10 day VWAP and to today's closing
price.
The Private Placement involved the issuance of 8,386,264 units
of the Company ("Units"), at a price of $0.70 per Unit, with each
Unit comprised of one "flow-through" common share (the "FT Shares")
and one common share purchase warrant (the "Warrants"). Each
Warrant is exercisable for one common share for a period of 24
months following the closing of the Private Placement at a price of
$0.90. The Company paid finders' fees of $197,200 in connection
with the Private Placement.
The gross proceeds of the Private Placement will be applied
towards the continuing exploration and development of Prophecy
Platinum's 100%-owned Wellgreen PGM-Ni-Cu property located in the
Yukon Territory, as well as for studies at the Company's
Shakespeare PGM-Ni-Cu property located in the Sudbury mining
district in Ontario, and for exploration on the balance of its
Canadian projects.
Prophecy Platinum's President and CEO, Greg Johnson, said, "We
are very pleased with the strong support demonstrated by our
investors in this $5.9 million equity financing. We believe the
success of this offering reflects the recognition of the potential
value of the Company's PGM projects and the confidence investors
have in the commitment of the Company's experienced management team
to create significant shareholder value. These funds will allow us
to complete the next phase of exploration and development
activities at our Wellgreen project this season to support an
updated economic assessment in the first half of next year. The
field programs and metallurgical test work have been initiated and
we will be providing a detailed update on these programs in the
near future."
In connection with the Private Placement, in order to assist
Prophecy Platinum's management to build direct equity ownership in
the Company and further align the interests of shareholders and
management, the Company has advanced short-term loans (the "Loans")
in the aggregate amount of $892,500 to members of the Company's
senior management team to allow them to participate at in the
Private Placement. The full amount of each Loan was used by each
recipient to subscribe for Units under the Private Placement on the
same premium to market terms as other investors. The Loans bear
interest at a rate prescribed by the Canada Revenue Agency, and are
repayable in full (together with any accrued interest) on March 31,
2014.
The securities issued pursuant to the Private Placement are
subject to hold periods expiring on October 21, 2013, in accordance
with applicable securities laws and the rules and policies of the
TSX Venture Exchange.
About Prophecy Platinum
Prophecy Platinum Corp. is a growth-focused PGM exploration
company with projects in the Yukon Territory, Ontario and Manitoba,
Canada. The Company's 100% owned Wellgreen PGM- Ni-Cu project,
located in the Yukon, is one of the world's largest undeveloped PGM
deposits and one of few significant PGM deposits outside of
southern Africa or Russia. The Company's Shakespeare PGM-Ni-Cu
project is a fully-permitted, production-ready mine located in the
Sudbury mining district of Ontario, and its Lynn Lake project is a
former operating mine located in Manitoba, Canada. The Company's
experienced senior management team has a track record of
successful, large-scale project discovery, development, operations
and financing combined with an entrepreneurial and collaborative
approach to working with First Nations and communities.
The Company's shares are listed on the TSX Venture Exchange
under the symbol "NKL" and on the US OTC-QX market under the symbol
"PNIKF".
Forward Looking Information: This news release includes certain
information that may be deemed "forward-looking information". All
information in this release, other than information of historical
facts, including, without limitation, information of potential
mineralization, the estimation of mineral resources, the
realization of mineral resource estimates, interpretation of prior
exploration and potential exploration results, the timing and
success of exploration activities generally, future production
estimates, the timing and results of future resource estimates,
permitting time lines, metal prices and currency exchange rates,
availability of capital, government regulation of exploration
operations, environmental risks, reclamation, title, and future
plans and objectives of the Company are forward-looking information
that involve various risks and uncertainties. Although the Company
believes that the expectations expressed in such forward-looking
information are based on reasonable assumptions, such expectations
are not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking information. Forward-looking information is based
on a number of material factors and assumptions. Factors that could
cause actual results to differ materially from the forward-looking
information include unsuccessful exploration results, changes in
project parameters as plans continue to be refined, results of
future resource estimates, future metal prices, availability of
capital and financing on acceptable terms, general economic, market
or business conditions, uninsured risks, regulatory changes,
defects in title, availability of personnel, materials and
equipment on a timely basis, accidents or equipment breakdowns,
delays in receiving government approvals, the Company's ability to
maintain the support of stakeholders necessary to develop its
Wellgreen project, unanticipated environmental impacts on
operations and costs to remedy same, and other exploration or other
risks detailed herein and from time to time in the filings made by
the Company with securities regulatory authorities in Canada.
Readers are cautioned that mineral resources that are not mineral
reserves do not have demonstrated economic viability. Mineral
exploration and development of mines is an inherently risky
business. Accordingly, actual events may differ materially from
those projected in the forward-looking information. For more
information on the Company and the risks and challenges of our
business, investors should review our annual filings which are
available at www.sedar.com. The Company does not undertake to
update any forward looking information, except in accordance with
applicable securities laws.
Cautionary Note to United States Investors: This news release
has been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the
requirements of U.S. securities laws. Unless otherwise indicated,
all resource and reserve estimates included in this news release
have been prepared in accordance with the Canadian Securities
Administrators' National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves. NI 43-101 is a rule developed by
the Canadian Securities Administrators which establishes standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
requirements of the United States Securities and Exchange
Commission ("SEC"), and resource and reserve information contained
herein may not be comparable to similar information disclosed by
U.S. companies. In particular, and without limiting the generality
of the foregoing, the term "resource" does not equate to the term
"reserves".
Under U.S. standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. The SEC's
disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards in documents
filed with the SEC. Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. U.S. investors should also understand that
"inferred mineral resources" have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral
resources" may not form the basis of feasibility or pre-feasibility
studies except in very rare cases. Investors are cautioned not to
assume that all or any part of an "inferred mineral resource"
exists or is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves" by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for
identification of "reserves" are also not the same as those of the
SEC, and reserves reported by the Company in compliance with NI
43-101 may not qualify as "reserves" under SEC standards.
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
This news release does not constitute an offer to sell or a
solicitation to buy any of the Company's securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended ("the
U.S. Securities Act") or any state securities law and may not be
offered or sold in the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Prophecy Platinum Corp. Greg Johnson President &
CEO 1-800-459-5583 Prophecy Platinum Corp. Chris Ackerman Senior
Manager, Investor Relations
1-800-459-5583cackerman@prophecyplatinum.com
www.prophecyplatinum.com
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