what the heck is this about, whats' the price ? certain nominees ? who?
Prophecy Accepts Offer to Purchase Prophecy Platinum Corp. Shares
Wednesday, October 23, 2013
Prophecy Accepts Offer to Purchase Prophecy Platinum Corp. Shares
16:03 EDT Wednesday, October 23, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2013) - Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces that it has accepted an offer to purchase 17,300,000 shares of Prophecy Platinum Corp. ("PPC") representing 22.42% of the issued and outstanding shares of PPC. Closing of the purchase and sale has been scheduled for October 29, 2013. The purchase and sale agreement is subject to termination by the purchaser in the event of an adverse material change or force majeure event. The purchaser is acting on behalf of certain nominees and the agreement can also be terminated at the discretion of the lead nominee of the purchaser. Proceeds from the sale of PPC shares will be used to repay outstanding debt due October 31, 2013 to Waterton Global Value LP in the approximate amount of $7 million.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The Company's wholly-owned subsidiary Prophecy Power Generation LLC is advancing plans for a proposed 600 MW mine-mouth power plant, which has been permitted by the Mongolian government, adjacent to its Chandgana coal deposit. Chandgana Coal LLC, another Prophecy wholly-owned Mongolian subsidiary, is expected to supply 3.5 million tonnes of coal per year to Prophecy Power for 25 years. Chandgana Coal LLC controls over 1.2 billion tonnes of thermal coal in the measured and indicated categories, including two mining licenses containing 124 million tonnes of measured resource with a strip ratio of 0.7:1. Substantially all of the Company's resources are not mineral reserves, hence they do not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF PROPHECY COAL CORP.
JOHN LEE, EXECUTIVE CHAIRMAN
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
