Mr. Michael Doolin reports
PROPHECY PROPOSES NAME CHANGE TO SILVER ELEPHANT MINING CORP. AT SHAREHOLDERSA MEETING TO BE HELD ON MARCH 16, 2020
Prophecy Development Corp. will hold a special meeting of shareholders on March 16, 2020, at 10 a.m. PST at Suite 2600, 1066 West Hastings St., Vancouver, B.C., V6E 3X1.
At the special meeting, shareholders will be asked to approve a change of the company name to Silver Elephant Mining Corp. with a new proposed Toronto Stock Exchange ticker symbol ELEF, to best reflect the company's focus in developing its Pulacayo silver project in Bolivia.
At the special meeting, the company also proposes to seek shareholder approval for a consolidation of its issued and outstanding shares at a ratio between one new common share for every five to 10 old common shares outstanding. The effective date of the name change, the consolidation ratio and the consolidation, if approved, will occur at a future date to be determined by the board when it considers it to be in the best interests of the company to implement. The proposed name change and consolidation are subject to certain regulatory approvals, including the approval of the TSX.
At the special meeting, the company will further seek shareholder approval for the ratification of 794,000 stock options previously granted to certain directors, officers, employees and consultants of the company on July 29, 2019, which was press released on Aug. 19, 2019, pursuant to the terms of the company's share-based compensation plan as approved at its annual general meeting of shareholders held on June 2, 2016, and amended on June 13, 2017, and further amended on Sept. 12, 2019. Further information regarding all matters to be approved at the special meeting will be provided in an information circular which will be mailed to shareholders in February, 2020.
About Prophecy Development Corp.
Prophecy is developing its premier Pulacayo silver project in Bolivia.
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