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Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) has secured a $10 million loan with Waterton Global Value, L.P. to complete the purchase of the Tugalgatai, Mongolia coal licenses on which a large coal resource is known to exist.
As quoted in the press release:
The Loan has a one year term and bears interest at 14% per annum. A structuring fee of 2.5% plus a bonus of $600,000 are payable through the issuance of 2,735,617 of the Company’s common shares on closing of the Loan which occurred today. These shares are subject to a four month hold period.
Prophecy Coal CEO John Lee said:
We appreciate Waterton Global’s continuing support. The proceeds will fully fund completion of the acquisition of Tugalgatai coal licenses which are expected to significantly increase our coal resources.
Click here to read the Prophecy Coal (TSX:PCY,OTCQX:PRPCF,FWB:1P2) press release
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