Prophecy Agree Upon Private Placement for Gross Proceeds of $9,000,000

Prophecy Coal Corp.(TSX:PCY) announced the arrangement of a new private placement for approximately 20,000,000 shares at $0.45 per share for the gross proceeds of $9,000,000. The private placement is expected to close by March 7th, 2012.

As quoted in the press release:

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.

Click here to read the Prophecy Coal Corp. (TSX:PCY) press release