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Prophecy Platinum Corp.(TSXV:NKL) announced the signing of a definitive agreement with Ursa Major Minerals Incorporated. The Company signed the agreement which entails Prophecy issuing one common share for every 25 held Ursa shares. Prophecy expect the transaction to be completed by mid June.
Prophecy Platinum Corp.(TSXV:NKL) announced the signing of a definitive agreement with Ursa Major Minerals Incorporated. The Company signed the agreement which entails Prophecy issuing one common share for every 25 held Ursa shares. Prophecy expect the transaction to be completed by mid June.
As quoted in the press release:
The Securities Exchange will be conducted such that for each 25 shares of Ursa held, an Ursa shareholder will receive one common share of Prophecy. Holders of warrants of Ursa will receive convertible securities of Prophecy such that each former Ursa warrant will be exchanged for a Prophecy warrant, exercisable for that number of Prophecy shares that is equal to the number of Ursa shares that would otherwise have been issuable thereunder divided by 25 with the exercise price of such Prophecy warrant being adjusted to equal the exercise price of the applicable Ursa warrant multiplied by 25.
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