Prophecy Announces Closing of $42 Million Offering

Prophecy Resources (TSXV:PCY) announced that it has closed an offering of offering of 49,475,000 Common Shares.

The press release is quoted as saying:

Prophecy Resource Corp.is pleased to announce that it has completed its public offering of 49,475,000 Common Shares for gross proceeds of $42,053,750 . The Common Shares were sold at a price of $0.85 each. The Offering contained significant participation by Mongolian investors. The net proceeds of the offering are intended to be used by the Company to fund work on its existing properties in Mongolia, repayment of an outstanding credit facility, and for working capital and general purposes.

To access the full release, click here.