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Prophecy Acquires Additional Mining Claims Adjacent to Its Gibellini Vanadium Project, Resumes Environmental Work
Feb. 16, 2018 09:19AM PST
Battery MetalsProphecy Development (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) is pleased to announce that it has successfully acquired an additional 105 unpatented lode mining claims (the “Additional Claims”) located adjacent to its existing Gibellini project in Eureka County, Nevada, through the arm’s-length acquisition of 1104002 B.C., a privately held company incorporated in British Columbia, and its …
Prophecy Development (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) is pleased to announce that it has successfully acquired an additional 105 unpatented lode mining claims (the “Additional Claims”) located adjacent to its existing Gibellini project in Eureka County, Nevada, through the arm’s-length acquisition of 1104002 B.C., a privately held company incorporated in British Columbia, and its subsidiary, a privately held company incorporated in Nevada.
As consideration, the Company paid a total of $335,661.40 and issued 50,000 Common share purchase warrants (the “Warrants”) to the shareholders of 1104002 B.C. Ltd., in addition to settling $14,338.60 in debt owed by the acquired companies. Each Warrant entitles the holder upon exercise, to acquire one Common share of the Company at a price of $5.00 per Common share until February 15, 2021.
Closing of the acquisition will be subject to the final approval of the Toronto Stock Exchange.
John Lee, Prophecy’s Executive Chairman stated:
“With the land acquisition phase now complete, Prophecy is progressing discussion with BLM on any necessary adjustment to the prior submitted baseline studies and Plan of Operations in order to start the National Environmental Policy Act process for our Gibellini vanadium project in 2018.”