Prophecy Development Corp. (TSX:PCY) (OTCQX:PRPCF) (Frankfurt:1P2N) is pleased to report that it has closed the private placement previously announced on October 7, 2019. The Placement raised gross cash proceeds of $3,900,000 for Prophecy through the issuance of 9,750,000 common shares of Prophecy, at a price of $0.40 per share.
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 5,000,000 shares under the Placement for a total consideration of $2,000,000. Following the completion of the private placement, Mr. Sprott’s holdings represent 9% of the issued and outstanding common shares of the Company, Mr. Sprott beneficially owned 5,900,000 common shares in the Company prior to this investment. Mr. Sprott acquired the shares for investment purposes and with a long-term view of the investment.
Company management and directors purchased 400,000 shares of the Placement for $160,000.
The Company issued 654,500 shares as finder’s fees to Mackie Research Capital Corp.
All Shares are subject to a four-month-and-one-day hold period
The Company has 121,299,508 shares outstanding, after the closing of the Placement.
The Placement proceeds are expected to be used for the Company’s mineral project development and for general working capital purposes.
Prophecy is developing Pulacayo silver project in Bolivia and Gibellini vanadium project in Nevada.
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We acknowledge the [financial] support of the Government of Canada.