Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) announced a non-brokered private placement of up to 60,000,000 units for the total proceeds of up to $8,400,000. Each unit is at a price of $0.14 per unit.
As quoted in the press release:
The Placement involves the issuance of up to 60,000,000 units (each a “Unit”) at a price of $0.14 per Unit. Each Unit consists of one common share (a “Share”) of the Company and 0.75 of a share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire an additional Share at a price of $0.18 per Share for a period of two years following closing.