Prophecy Platinum Arranges $8.1 Million Private Placement

Prophecy Platinum (TSXV:NKL,OTCQX:PNIKF,FWB:P94P) announced that the Company has arranged a non-brokered private placement of 3,000,000 shares at a price of $2.70 per share to raise aggregate gross proceeds of $8,100,000.

As quoted in the press release:

Company Insider Sprott Asset Management LP, on behalf of various funds and managed accounts, have committed up to 25% of this financing. Additional insiders of the Company are expected to subscribe at $2.72 per share pursuant to the policies of the TSX Venture Exchange.

Closing of the placement is anticipated to occur on or before November 11, 2011.

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