Prophecy Closes Recently Announced Private Placement

Prophecy Coal Corp.(TSX:PCY) announced that it has closed a $10 million private placement. The private placement was first announced on March 1, 2012. Prophecy increased the size of the non-brokered private placement to 22,363,866 common shares at $0.45 per share for gross proceeds of $10,063,740.

As quoted in the press release:

Company insiders invested $508,500 and together with existing shareholders have subscribed for a majority of this financing. Finder’s fees of 6% of the proceeds placed, payable in cash, were paid on certain arms-length portions of the placement.

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