Proactiveinvestors recommends
Additional Information
Market: TSX, OTCBB
Sector: General Mining - Coal
EPIC: PCY
Latest Price: C$0.25  (3.13% Ascending)
52-week High: C$0.63
52-week Low: C$0.23
Market Cap: C$55.31M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Prophecy Coal
www.prophecycoal.com

Prophecy Coal Corporation (TSX: PCY, OTC-QX: PRPCF, Frankfurt: 1P2) is an internationally diversified thermal coal production company that in November 2010 saw its first coal project, Ulaan Ovoo commissioned for production. The company controls over 1.4 billion tonnes of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated) between 2 distinct deposits with power plant plans for its second deposit (Chandgana's) well under way. Additionally Prophecy Coal Corp holds the Okeover Copper project and the Titan, Vanadium Iron ore & Titanium projects in Canada.

Full Prophecy Coal profile here
Is PCY a Buy, Sell or Hold?Get your FREE analysis of PCY
Pdf

Prophecy shareholders approve sale of 2 Canadian nickel assets, name change to Prophecy Coal

2nd Jun 2011, 2:10 pm by Deborah Sterescu

Prophecy Resource Corp. (CVE:PCY)(OTCQX: PRPCF) and Pacific Coast Nickel Corp. (CVE:NKL) said Wednesday that both companies' shareholders have approved Pacific's acquisition of the Lynn Lake and Wellgreen nickel properties from Prophecy, a deal that will allow Prophecy to focus on its coal assets in Mongolia.

The Lynn Lake project is loacted in Manitoba, while the Wellgreen property is situated in the Yukon Territories, both in Canada.

Of the shareholders, more than 98% from Prophecy approved the deal, which was announced in April, and 75% of Pacific stakeholders supported the arrangement. Under the terms of the acquisition, Pacific Coast agreed to acquire both Canadian assets by issuing 450 million shares to Prophecy.

In connection with the deal, shareholders of Prophecy also approved a name change to "Prophecy Coal Corp" so as to better reflect its strategic direction going forward, while Pacific investors approved a 10:1 share consolidation, both companies said.

The sale of the properties, as well as the name change and share consolidation, remain subject to regulatory approvals. The deal is expected to complete around June 9.

Prophecy controls over 1.4 billion tonnes of surface minable thermal coal resources in Mongolia. Prophecy's Ulaan Ovoo coal mine is operational, and its Chandgana mine mouth power plant is currently being permitted.

The company also owns equity stakes in Victory Nickel and Compliance Energy Corp.

Pacific Coast is a Canadian based nickel and platinum group metals exploration company, with projects in Canada, Argentina and Uruguay.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.