Prophecy Development closes $413K private placement

Prophecy Development completed previously announced private placement, raising $413,000

Vancouver (pcJ News Briefs) – Prophecy Development Corp. (TSX: PCY; OTCPK: PRPCF; FSE: 1P2N) has completed previously announced non-brokered private placement of 103,250 units at a price of $4.00 per unit for gross proceeds of $413,000.

Each unit will consist of one common share and one share purchase warrant. Each warrant entitles the holder to acquire an additional share at a price of $5.00 per share for a period of five years from the date of issuance.

John Lee, Executive Chairman of the company, acquired 30,000 units for total consideration of $120,000.

Prophecy Development intends to proceeds to develop its mineral projects and for general working capital purposes.

Prophecy Development Corp. is engaged in developing mining and energy projects in Mongolia, Bolivia and Canada.

photo credit: Prophecy Development