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Prophecy Platinum Corp. (TSXV:NKL,OTCQX:PNIKF) completed a $5.9 million private placement at a 12% premium to the 10 day VWAP and to today’s closing price. 8,386,264 units were issued at a price of $0.70 a unit.
As quoted in the press release:
The Private Placement involved the issuance of 8,386,264 units of the Company (“Units”), at a price of $0.70 per Unit, with each Unit comprised of one “flow-through” common share (the “FT Shares”) and one common share purchase warrant (the “Warrants”). Each Warrant is exercisable for one common share for a period of 24 months following the closing of the Private Placement at a price of $0.90. The Company paid finders’ fees of $197,200 in connection with the Private Placement.
Prophecy Platinum Corp. President and CEO, Greg Johnson, said:
We are very pleased with the strong support demonstrated by our investors in this $5.9 million equity financing. We believe the success of this offering reflects the recognition of the potential value of the Company’s PGM projects and the confidence investors have in the commitment of the Company’s experienced management team to create significant shareholder value. These funds will allow us to complete the next phase of exploration and development activities at our Wellgreen project this season to support an updated economic assessment in the first half of next year. The field programs and metallurgical test work have been initiated and we will be providing a detailed update on these programs in the near future.
Click here to read the Prophecy Platinum Corp. (TSXV:NKL,OTCQX:PNIKF) press release
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