Platinum Prophecy, Ursa Major Approve Joint Venture

Prophecy Platinum Corp. (TSXV:NKL,OTCQX:PNIKF,FWB:P94P) announced Ursa Major shareholders have approved the business combination plan.

As quoted in the press release:

Upon completion of the Transaction, Prophecy will issue 1 common share of Prophecy Platinum Corp. in exchange for every 25 outstanding common shares of Ursa Major Minerals Incorporated (“Ursa”). Based on 79.7 million Ursa common shares outstanding, Prophecy is expected to issue 3.19 million shares as part of the Transaction.

The votes were tabulated during the shareholder meeting held by Ursa on May 30, 2012. Over 50% of the outstanding Ursa shares were represented in person or by proxy at the shareholder meeting, of which 98.92% were voted in favour of the Transaction.

Click here to read the Prophecy Platinum Corp. (TSXV:NKL) press release.