Deal proceeds provide funding for work on Manitoba, Yukon properties
By Susanna Moon
Chicago, Oct. 25 - Prophecy Resource Corp. said it amended the recently announced C$2.03 million non-brokered private placement to be able to issue units on a flow-through basis at a higher price.
Under the new terms, the company will now sell 3.83 million units of one flow-through common share and one warrant at C$0.53 each, with each warrant exercisable at C$0.66 for two years. The warrant strike price now represents a 22.22% premium to the company's Sept. 20 closing price and is a 14.29% discount to its closing price of C$0.77 on Oct. 22.
The company previously said it would sell 4.06 million units one common share and one half-share warrant at C$0.50 apiece. The warrants were to be exercisable at C$0.60 for two years. The strike price was an 11.11% premium to the Sept. 20 closing share price.
Proceeds will be used for the company's Lynn Lake property in Manitoba and the Wellgreen property in Yukon Territory.
The base and precious metal explorer is based in Vancouver, B.C.
| Issuer: | Prophecy Resource Corp.
|
| Issue: | Units of one flow-through common share and one warrant
|
| Amount: | C$2.03 million
|
| Units: | 3,830,189
|
| Price: | C$0.53
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.66
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 21
|
| Stock symbol: | TSX Venture: PCY
|
| Stock price: | C$0.52 at close Sept. 21
|
| Market capitalization: | C$34.23 million
|
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