PROPHECY PLATINUM RESPONDS TO INQUIRIES FROM BCSC RELATING TO JULY 2011 NEWS RELEASE
21 December 2012 - 10:28AM
OTC Markets
Prophecy Platinum Corp. (“Prophecy” or the “Company”) announces
that it has received inquiries from the British Columbia Securities
Commission (the “BCSC”) with respect to the events leading up to
the Company’s news release of July 14, 2011 (the “News Release”),
which disclosed the findings of an independent mineral resource
estimate (the “Resource Estimate”) for its Wellgreen PGM-Ni-Cu
property in the Yukon Territory. Specifically, the BCSC has made
inquiries relating to: (i) the chronology of events which preceded
the News Release; (ii) the Company’s insider trading policies and
procedures in place during the relevant period; (iii) the
individuals who had knowledge or awareness of the Resource Estimate
prior to the issuance of the News Release; and (iv) communications
relating to the Resource Estimate made or received by individuals
who were directors, officers or employees of the Company between
June 1, 2011 and July 15, 2011.
In keeping with Canadian principles of good corporate governance,
the Company’s Board of Directors (the “Board”) has formed a special
committee of independent directors, comprised of Wesley Hall (as
Chair) and Mike Sylvestre, to assess and make recommendations to
the Board regarding the BCSC’s inquiries. The Company is
cooperating with the BCSC and a response has been provided to its
specific requests for information. As of today’s date, no further
request for information has been received by the Company.
The Company notes that its current management team, including its
President and Chief Executive Officer, Greg Johnson, Chief
Financial Officer, Jeffrey Mason, Senior Vice-President and Chief
Operating Officer, John Sagman, Vice-President, Corporate
Development, Robert Bruggeman and Corporate Secretary and Counsel,
Samir Patel, were each appointed after August 2012, and, therefore,
well after the relevant period for the purposes of the BCSC’s
inquiries. Similarly, five out of seven of the directors of the
Company – namely, Harald Batista, Wesley Hall, Greg Johnson, Myron
Manternach and Mike Sylvestre – were first appointed to the Board
in 2012, and, therefore, well after the relevant period for the
purposes of the BCSC’s inquiries.
Over the last few months, the Company has taken, and will continue
to take, measures to reinforce its procedures and strengthen
internal controls and processes in order to achieve its goal of
implementing industry best practices for corporate governance. The
Company does not expect that the BCSC’s inquiries will interfere
with its day-to-day exploration and development operations to
advance its PGM-Ni-Cu properties in North America.
For further information, contact:
Samir Patel
Corporate Secretary and Counsel
604-569-3690 ext. 119
spatel@prophecyplatinum.com
www.prophecyplatinum.com
Forward Looking Statements: All statements in this news release,
other than statements of historical fact, including, without
limitation, statements relating to the Company’s day-to-day
exploration and development operations, are forward-looking
statements that involve various risks and uncertainties. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements.
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.
Nickel Creek Platinum (QB) (USOTC:NCPCF)
Historical Stock Chart
From Nov 2024 to Dec 2024
Nickel Creek Platinum (QB) (USOTC:NCPCF)
Historical Stock Chart
From Dec 2023 to Dec 2024