Prophecy Expects to Close Gibellini Project Acquisition in May
Vancouver, British Columbia, May 17, 2017 – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) is pleased to provide the following corporate update.
Gibellini Vanadium Project:
On May 8, 2017, Prophecy entered into a binding letter agreement (the “Letter Agreement”) with arm’s-length, private parties to acquire through lease, the Gibellini vanadium project in Nevada, USA (the “Gibellini Project”). The parties are currently finalizing the definitive agreement and expect to close the transaction later this month.
Units for Debt:
The Company also announces that it has entered into Debt Settlement Agreements with certain directors and officers of the Company pursuant to which, the Company has agreed, subject to the approval of disinterested shareholders at the Company’s upcoming 2017 Annual General Meeting to be held at 10:00 a.m. (PST) on June 13, 2017 and acceptance by the Toronto Stock Exchange, to issue an aggregate of 59,659 units (the “Units”) at a deemed price of $4.00 per Unit, in satisfaction of an aggregate of $238,636 of indebtedness currently owed by the Company to such persons. Each Unit consists of one Common share in the capital of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire an additional Share at a price of $5.00 per Share for a period of five years from the date of issuance.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in worldwide mineral and energy exploration and development. Further information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“JOHN LEE”
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Prophecy’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Prophecy’s forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
