Mr. John Lee reports
PROPHECY DEVELOPMENT CLOSES $2,600,000 PRIVATE PLACEMENT WITH INSIDERS AND STRATEGIC INVESTOR
Prophecy Development Corp. has closed the private placement previously announced on Aug. 26, 2019. The placement raised gross cash proceeds of $2.6-million through the issuance of 13 million common shares of Prophecy, at a price of 20 cents per share.
Company management and directors purchased two million shares of the placement and one strategic investor purchased majority of the remainder of the placement.
The company paid $10,000 in cash and issued 525,000 shares as finders' fees.
The company has 109,341,127 shares outstanding after the closing of the placement.
All shares are subject to a four-month-and-one-day hold period.
The placement proceeds are expected to be used for the company's mineral project development and for general working capital purposes.
About Prophecy Development Corp.
Prophecy is developing Pulacayo silver project in Bolivia and Gibellini vanadium project in Nevada.
We seek Safe Harbor.
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