Prophecy Coal Provides Update on Private Placement

 Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) expects to close a second and final tranche of the private placement, which involves the issuance of 8,142,857 units for aggregate consideration of $1,140,000. Upon closing of the final tranche, the Company will have raised total proceeds of $1,753,560 through the issuance of 12,525,428 units.

As quoted in the press release:

Each Unit consists of one common share (a “Share”) and 0.75 common share purchase warrant (a “Warrant”), at a purchase price of $0.14 per Unit. Each whole Warrant is exercisable for one common share of Prophecy at a price of $0.18, expiring two years from the date of issue. It is anticipated that the final tranche closing will happen during the week of June 2-June 8, 2013.

Click here to read the Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) press release

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