hier kann man """kohle"""machen
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ist für 18h angesetzt.
mfg
Arriba
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Wednesday, February 29, 2012 by Brad Lemaire
Coal miner Prophecy Coal (CVE:PCY) said Monday that it opened the Toronto Stock Exchange along with staff and senior representatives from the TMX Group.
The company, a diversified thermal coal production business, held its official TSX listing ceremony at TMX Broadcast Centre in Toronto at 9 am.
Chief executive John Lee joined Robert Fotheringham of TMX Group to open the market, the company said Monday.
Among the guests in attendance at the ceremony were the Mongolian Ambassador to Canada and the Mongolian Trade Commissioner & Acting Consul, among others.
In November 2011, Prophecy Coal, a Vancouver-based company, received a license from the Mongolian government to build a 600 megawatt power plant at its Chandgana Tal thermal coal deposit. It also said that it plans to finish a power purchase deal and project financing this year.
Prophecy Coal develops and explores energy projects in Mongolia. Its flagship Ulaan Ovoo property started production in 2010 and its Chandgana mine mouth power plant is currently being permitted.
The company’s share price traded steady at 76 cents each on the Toronto Stock
Stellenbeschreibung
The coal mining engineer/manager will be in charge of all mining operations at Prophecy's Ulaan Ovoo mine, which is currently in production, and Chandgana mine in 2015, when it is scheduled to go into production.
Working alongside Prophecy's country manager in Mongolia, the coal mining engineer/manager will work out of Prophecy's regional office in Ulan Bator but is expected to spend significant time at Ulaan Ovoo and eventually Chandgana to oversee mining operations.
The selected, hands-on individual will be accountable for mine development and production, as well as all infrastructural development and support work in maintaining successful operations.
Duties and Responsibilities:
•Prepare one year detail coal mine design, 5 year plan and life of mine plan, including optimizingtruck and shovel applications, scheduling, equipment selection, and operatingand capital cost estimates;
•Compile reportsfor further feasibility studies, technical reviews, due diligence studies, andliaise with specialists from other disciplines within and outside of theorganization;
•Ensureproduction targets are met and operations are within budget;
•Ensure thatproduction plans optimize financial resources to maintain cost effective miningoperations;
•Ensure a safeworking environment for all persons at the mine sites;
•Ensure allactivities at the mine sites are conducted in a safe manner and any safetyissues are remedied and/or promptly reported;
•Comply with alllegislative safety health and environment requirements;
•Progress reportsto Prophecy's CEO, and/or COO on a weekly basis;
•Reportproduction and cost performance on a monthly basis;
•Ensure quarterlyproduction and cost reporting to ensure compliance with reporting requirements forlisted companies; and
•Other duties andresponsibilities which may be reasonably considered the responsibility ofpersons acting as a coal mining engineer/manager in corporations of similarsize to Prophecy.
Gewünschte Qualifikationen
Preferred Attributes:
•Bachelor Degree in Mining Engineering, Engineering Geology, or similar discipline from an internationally recognized institution and a related professional designation;
•Minimum 5 yrs of relevant coal experience in open pit mining and project management;
•Good communication skills and command of the English language (both verbal and
written);
•Willing to relocate to Ulan Bator, Mongolia
Remuneration:
•Competitive monthly salary
•Stock options and year-end bonus
•Relocation allowance
•Housing allowance in Ulan Bator
•Other negotiable allowances
If interested, please submit your cover letter, including salary expectation, and C.V. to Joseph Li (Director, Interim COO, and Corp. Secretary) at jli@prophecycoal.com
No phone calls please. Only those applicants who are shortlisted for an interview will be contacted.
Unternehmensbeschreibung
Prophecy Coal Corp. ("Prophecy") is a Canadian listed company (TSX: PCY) engaged in developing energy projects in Mongolia. The company has over 1.4 billion tonnes of surface minable thermal coal resources on two coal properties in Mongolia. Prophecy's Ulaan Ovoo coal mine is in production and its Chandgana mine mouth power plant has been permitted. The power plant project will be initially 600 MW, which requires an $800 million investment, and may be potentially ramped up to 4,200 MW, with power being exported from Mongolia to China. The construction of the power plant is targeted to start in April, 2013, with the first 150 MW unit being operational by October, 2015.
Prophecy is the controlling shareholder of Prophecy Platinum Corp (TSX-V: NKL). Further information on Prophecy can be found at www.prophecycoal.com
das kann ich mir auch vorstellen. Ich hoffe nur er verlangst dann aber nicht zu viel Geld, nicht das sich das negertiv auf den Aktienkurs wiederspiegelt :)
http://archiv.fagms.de/c/...08A02HJ05JGP603FG1H00QJG37S&TYPE=HTML
„Dieses Projekt wird nicht scheitern“
Deshalb habe ich den zuständigen Menschen bei STEAG zu einem Live-Internet-Interview eingeladen und er hat zugesagt. Udo Sommer, stellvertretender Abteilungsleiter Sales ET bei STEAG, hat den zahlreichen Zuhörern bestätigt, dass es nichts mehr gibt, dass dieses Kraftwerksprojekt verhindern kann und hat auch die guten Umstände und die Notwendigkeit des Kraftwerkes betont.
Den gesamten Videomitschnitt finden Sie hier:
http://www.fagms.net/c/p?EMID=09A02HJ4N96L605JGP603FG1H005E86BD
Die Textversion finden Sie hier:
http://www.fagms.net/c/p?EMID=09A02HJ4N96L705JGP603FG1H00SBQD0N
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.
The Company also wishes to announce the credit facilities of $7 million announced on December 30, 2011 have been closed out. The $800,000 balance has been paid off and Prophecy remains debt free.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The company has over 1.4 billion tonnes* of near surface thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Chandgana 600 MW mine mouth power plant has been permitted and its Ulaan Ovoo coal mine is now in production. Prophecy Coal is the controlling shareholder of Prophecy Platinum Corp. (TSX VENTURE:NKL). Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further information on Prophecy Coal can be found at www.prophecycoal.com.
VANCOUVER, March 1, 2012 /CNW/ - The following issues have been halted by IIROC:
Company: Prophecy Platinum Corp.
TSX-Venture Symbol: NKL
Reason: At the Request of the Company Pending News
Halt Time (ET): 11:57 AM ET
The Investment Industry Regulatory Organization of Canada (IIROC) can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
IIROC Inquiries 1-877-442-4322 (Option 3) - Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only. For more information on IIROC's halts and resumptions policy click here.
Source: Canada Newswire (March 1, 2012 - 12:15 PM EST)
Vielleicht wirds ja mal ne gute Nachricht.
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Wertpapier: Silver Elephant Mining |
Die Kurssteigerung von 10% an der Nasdaq betraf Prophecy Coal.
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Hier die News von heute 15:40 Uhr
Prophecy Coal Arranges $9 Million Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/12 -- Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) announces 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.
The Company also wishes to announce the credit facilities of $7 million announced on December 30, 2011 have been closed out. The $800,000 balance has been paid off and Prophecy remains debt free.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The company has over 1.4 billion tonnes(i) of near surface thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Chandgana 600 MW mine mouth power plant has been permitted and its Ulaan Ovoo coal mine is now in production. Prophecy Coal is the controlling shareholder of Prophecy Platinum Corp. (TSX VENTURE: NKL). Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further information on Prophecy Coal can be found at www.prophecycoal.com.
ON BEHALF OF THE BOARD OF DIRECTORS Prophecy Coal Corp.
John Lee, CEO/Chairman
(i) Includes 1.2 billion tonnes at the Chandgana coal project based on NI 43-101 technical reports completed in September, 2007 and September, 2010.
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Dazu muß man aber sagen, das es eine reine Spekulation vom Bullvestor ist.
Dort wird lediglich spekuliert, das es sinn machen würde wenn die Steag das macht.
Es wäre auch nicht das erste mal das die Steag in solchen Ländern Übernahmen macht, da haben sie also anscheinend keine Bedenken.
Außerdem kennt die Steag dieses Projekt sehr genau, weil sie gerade die Machbarkeitsstudie über das KKW von Prophecy gemacht haben.
Schaun wir mal, es bleibt spannend.
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Prophecy Platinum and Ursa Major Minerals Sign Business Combination Agreement
Vancouver, British Columbia, March 2, 2012: Prophecy Platinum Corp. ("Prophecy" or the “Company”) (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) and Ursa Major Minerals Incorporated ("Ursa") (TSX: UMJ) (the "Companies") are pleased to announce that they have entered into a binding letter of agreement (the "Agreement") for a business combination through a proposed all share transaction (the "Transaction"). Prophecy and Ursa act at arm’s length and the Transaction has been negotiated at arm’s length.
Financial Terms of the Transaction
Pursuant to the Agreement, Prophecy will issue 1 common share in exchange for every 25 outstanding common shares of Ursa. Ursa options and warrants will be exchanged for options and warrants of Prophecy as discussed under the “Further Detail” Section.
The offer represents approximately $0.15 per each common share of Ursa based on Prophecy’s share price of $3.70 as at March 1, 2012, representing a premium of 130% to Ursa’s closing price as at March 1, 2012 of $0.065.
Prophecy is to subscribe for $1 million common shares of Ursa by way of private placement financing at $0.06 per share, subject to regulatory approval. Upon placement completion, John Lee and Greg Hall, current Prophecy directors, will be appointed to Ursa’s board.
Highlights of the Transaction
The new Prophecy will become a mid-tier resource company with a robust and diversified pipeline of platinum nickel projects, including
Fully permitted open-pit Shakespeare* PGM-Ni-Cu mine close to Sudbury infrastructure with near term production capabilities.
Flagship Wellgreen** (Yukon) PGM-Ni-Cu project with over 10 million oz of Pt-Pd-Au inferred resource. Active drilling is ongoing with pending preliminary economic assessment study.
Manitoba’s Lynn Lake*** Ni-Cu project with over 262 million lbs Ni, and 138 million lbs Cu Measured and Indicated.
The transaction provides Ursa shareholders with liquidity, sustaining capital and opportunity to participate in the significant exploration and development upside of Wellgreen and Lynn Lake.
The principal focus of Prophecy in 2012 and beyond is Wellgreen. Upon completion of the Transaction, Prophecy plans to publish a new Shakespeare feasibility and thoroughly examine project economics and metal prices before making a production decision. At the appropriate time, joint venture partners may be sought to develop Wellgreen, Lynn Lake, and Shakespeare.
John Lee, Chairman of Prophecy, comments, "We believe with this production ready mine, Prophecy would raise its profile, broaden investment appeal, and gain further trading liquidity. Ursa’s board recognize the synergy and that this deal is potentially accretive to both Ursa and Prophecy shareholders"
Richard Sutcliffe, President and CEO of Ursa, comments “We are very pleased to have reached this agreement with Prophecy which provides an excellent opportunity to advance the Shakespeare Mine. Our shareholders will to participate in a combined company with an outstanding portfolio of assets and substantially improved market capitalization and liquidity.”
Further Detail Regarding the Transaction
It is contemplated that the Transaction will be completed by way of a Plan of Arrangement, structured in such a way that will result in the financial terms of the Transaction being met. The parties have agreed to complete the Transaction by June 15, 2012.
Richard Sutcliffe, President and CEO of Ursa, will be appointed to the board of directors of Prophecy upon completion of the Transaction.
As a result of the Transaction, all existing warrants, options and other rights to acquire common shares of Ursa will be exchanged for options and warrants of Prophecy such that each former Ursa option and warrant will be exchanged for a Prophecy option or warrant, respectively, exercisable for that number of Prophecy shares that is equal to the number of Ursa Shares that would otherwise have been issuable thereunder divided by 25 with the exercise price of such Prophecy option or warrant being adjusted to equal the exercise price of the applicable Ursa option or warrant multiplied by 25.
Based on 79.7 million Ursa common shares outstanding, Prophecy is expected to issue 3.19 million shares as part of the Transaction.
The final structure and ratios of the Transaction will be subject to the receipt of final tax, corporate and securities law advice.
Completion of the Transaction is conditional upon:
Completion of environmental and title due diligence of Ursa by Prophecy;
Ursa securing support agreements in favour of the Transaction from the holders of a minimum of 20% of its outstanding shares;
Ursa and Prophecy, if required, shareholders having approved the Transaction;
Prophecy shareholders or Ursa shareholders not having exercised rights to dissent over more than 10% of the shares of Prophecy or 10% of the shares of Ursa, respectively,
receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the "Exchange") and the TSX (“TSX”);
receipt of approval of the British Columbia Supreme Court, if applicable;
execution of a definitive Transaction agreement;
Ursa terminating certain third party agreements; and
certain other customary conditions.
The Agreement includes non-solicitation clauses. A break fee of $1,500,000 is payable to Prophecy should Ursa accept a superior un-solicited offer.
Ursa, and Prophecy, if required, will call a special meeting of shareholders to be held in late May 2012 to approve the Transaction. Ursa expects to mail an information circular providing full details of the Transaction in late April 2012.
Prophecy’s Key Assets
**The Wellgreen PGM Ni-Cu Project
The Wellgreen PGM Ni-Cu property covers an area of approximately 22 square miles in the Yukon Territory, Canada. The property has easy road access, located approximately 35 kilometres northwest of Burwash Landing, Yukon, 15 km from the paved 2 lane Alaska Highway and 402 km from Alaska’s Haines deep sea port. Wellgreen is part of Kluane Ultramafic Nickel belt, which is second largest behind the Thompson Belt in Canada and remains vastly unexplored. Management is focused on advancing the project, with most recent efforts centering around an underground drilling program initiated in February 2012 that is intended to further define the Wellgreen resource. A more comprehensive surface drilling operation will commence later in the spring. In addition, a scoping study (PEA) by Wardrop Engineering is expected to be completed by Q1 2012. Prophecy intends to utilize the results of the 2012 drill program to update the current resource estimate. Wellgreen contains an indicated mineral resource of 14 million tonnes at 0.69% nickel, 0.62% copper and 2.25 g/t PGM+Au and 289 million tonnes of inferred resources at 0.28% nickel, 0.35% copper and 1.18 g/t PGM+Au, all estimated at 0.4% NiEq cut-off (Wardrop Technical Report July 2011).
Tonnes (t) PGM+Au (g/t) Ni (%) Cu (%)
Indicated 14 Million 2.25 0.69 0.62
Inferred 289 Million 1.18 0.38 0.35
Based on resource estimated at 0.4% NiEq cut-off
Metal Indicated Inferred
Nickel (Ni) 0.22 Billion lbs. 2.42 Billion lbs.
Copper (Cu) 0.20 Billion lbs. 2.23 Billion lbs.
Cobalt (Co) 15.77 Million lbs. 191.30 Million lbs.
Platinum (Pt) 0.46 Million oz. 4.93 Million oz.
Palladium (Pd) 0.34 Million oz. 3.91 Million oz.
Gold (Au) 0.24 Million oz. 2.14 Million oz.
PGM+Gold 1.04 Million oz. 10.97 Million oz.
Based on resource estimated at 0.4% NiEq cut-off and 100% metals recoveries.
***The Lynn Lake Nickel Project
In October 2009, Prophecy entered into an agreement to acquire a 100% interest in The Lynn Lake Nickel Project from Victory Nickel Inc. (TSX: NI). The deposit is in Manitoba, Canada, which is mining friendly and also adjacent to a power line, rail line, and airport. Lynn Lake contains Measured and indicated mineral resources of 22.9 million tons of grading, of 0.57% nickel and 0.30% copper and 8.1 million tonnes of Inferred Resource at 0.51% Nickel & 0.28% Copper (Wardrop Technical Report April 2011). Prophecy recently completed bulk tonnage metallurgical testing at Lynn Lake in preparation for a feasibility study.
Tonnes (t) Ni (%) Cu (%)
Measured 1.02 Million 0.76 0.36
Indicated 21.88 Million 0.56 0.30
Inferred 8.07 Million 0.51 0.28
Based on resource estimated at 0.4% NiEq cut-off
Metal Measured (lbs.) Indicated (lbs.) Inferred (lbs.)
Nickel (Ni) 16 Million 247 Million 82 Million
Copper (Cu) 7 Million 130 Million 46 Million
Based on resource estimated at 0.4% NiEq cut-off and 100% metals recoveries.
The information concerning the current mineral properties controlled by Prophecy, as described in this news release, has been reviewed and approved by Danniel Oosterman, P.Geo., a Prophecy Geologist and a Qualified Person under National Instrument 43-101.
Ursa’s Key Assets
*The Shakespeare Mine
The Shakespeare PGM-Ni-Cu Mine is located 70 km west of Sudbury, Ontario. In 2010 and 2011, through contract mining, the Company trucked and delivered a total of over 360,000 tonnes of ore to the Sudbury’s Strathcona Mill for processing. Total revenue generated was over $20,000,000. Ursa believes there is potential to increase throughput and realize cost savings by constructing a mill on site.
The feasibility study by Micon International Limited in January 2006 and subsequently updated in 2008, defined a Probable Reserve of 11,828,000 tonnes grading 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.33 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold. The mineral reserve is to a maximum depth of 250 metres below surface.
Tonnes (t) PGM+Au (g/t) Ni (%) Cu (%)
Probable 11.8 Million 0.87 0.33 0.35
With a 4,500 tpd Mill on site, the study projects an after tax internal rate of return ("IRR") of 22.6% (29.1% pre-tax IRR) on an initial total capital cost of C$148,193,000.The undiscounted total annual cash flow ("NPV") is C$169,581,000 and the NPV discounted at 8% is C$73,297,000. The project has a 7.2 year mine production life. The economic analysis makes the assumption of the following long term metal prices over the life of the project, expressed in 2007 dollars, nickel US$9.37/lb, copper US$2.11/lb, cobalt US$27.57/lb, platinum US$995.52/ounce, palladium US$342.49/ounce, gold US$563.27/ounce.
Mr. T. Hennessey, P.Geo, of Micon and Mr. E. Puritch P.Eng. of P&E Mining Consultants Inc. were the qualified persons for the Shakespeare reserve estimates and Mr. Ian Ward, P.Eng. of Micon was the qualified person for the Shakespeare feasibility study.
About Prophecy Platinum
Prophecy Platinum Corp. is a Canadian based Nickel PGM exploration company with projects in Canada, Argentina and Uruguay. Prophecy Platinum’s flagship Wellgreen PGM-Cu-Ni project is in Yukon Territory, Canada and the Lynn Lake project is located in Manitoba, Canada. Further information can be found at www.prophecyplat.com.
About URSA Major Minerals
Ursa is a Canadian mining company with a nickel mine and two nickel sulphide projects containing significant NI 43-101 compliant nickel and copper reserves and resources. Ursa is focused on expanding operations at the Shakespeare Nickel Mine and growing its nickel, copper and platinum group metal (PGM) deposits through exploration and development, primarily in Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS of
Prophecy Platinum Corp. "John Lee"
John Lee
Chairman
For further information:
David Brook
Manager, Investor Relations
1-800-358-5865
dbrook@prophecyplat.com
www.prophecyplat.com
ON BEHALF OF THE BOARD OF DIRECTORS of
Ursa Major Minerals Incorporated"RICHARD SUTCLIFFE"
Richard Sutcliffe
President and CEO
For further information:
Alison Tullis
Manager, Investor Relations
Telephone 416.864.0615
Email: atullis@ursamajorminerals.com
www.ursamajorminerals.com
Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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.
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements 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, 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 statements that involve various risks and uncertainties. . Although Prophecy 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. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the Transaction, 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, risks associated with operating in foreign jurisdictions, 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, 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 companies with securities regulators. 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 the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
"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."
This press release does not constitute an offer to sell or a solicitation to buy any of the 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.
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Finde das nicht so toll nur Cash durch eine PP zu bekommen oder durch die Veräußerung von NKL Aktien. Bis jetzt hat UO ja zig Millionen gekostet und nichts gebracht. Sollte dort nicht bald was passieren frage ich mich vorher das Geld für den
täglichen Betrieb kommen soll?
Schönen Abend noch
Gruß Rocky
TSX:PCY
OTCQX: PRPCF §
FRANKFURT: 1P2
§
Other Recent News | Printer Friendly Version
March 8, 2012
Prophecy Coal Closes $10 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) - Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce 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 (the "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 wishes to announce 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.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The Company has approximately 1.4 billion tonnes(i) of near surface thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Chandgana 600 MW mine mouth power plant, for which technical studies are underway, has been permitted. The Company's Ulaan Ovoo coal mine is now in production. Prophecy Coal is the controlling shareholder of Prophecy Platinum Corp. (TSX VENTURE:NKL). Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further information on Prophecy Coal can be found at www.prophecycoal.com.
ON BEHALF OF THE BOARD OF DIRECTORS Prophecy Coal Corp.
John Lee, CEO/Chairman
(i) Consist of 200 million tonnes at the Ulaan Ovoo coal mine based on NI 43-101 technical report completed in 2007 and 1.2 billion tonnes at the Chandgana coal project based on NI 43-101 technical reports completed in September, 2007 and September, 2010.
Forward-Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Prophecy 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. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, regulatory, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business and large infrastructure projects such as power plants require huge amounts of capital which may not be available to Prophecy on terms which will allow its shareholders to realize a reasonable return or on any terms at all. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of its business, investors should review filings that are available at www.sedar.com.
"Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release."
CONTACT INFORMATION:
Prophecy Coal Corp.
David Brook
Manager, Investor Relations
1-800-358-5865
dbrook@prophecycoal.com
www.prophecycoal.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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