Coal miner Prophecy Coal (CVE:PCY) said Tuesday its shares will begin trading on the Toronto Stock Exchange this Wednesday, giving the company greater access to capital markets and broadening its market exposure.
Prophecy Coal, which controls over 1.4 billion tonnes of open-pittable thermal coal in Mongolia, said shares currently trading on the junior TSX Venture Exchange will be delisted.
The company will trade on Toronto's main market under the symbol “PCY".
In a statement, Prophecy’s chief executive, John Lee, said: "The high standards embraced by TSX should improve Prophecy's trading efficiency and liquidity, strengthen access to capital markets, and broaden the company's market exposure."
In separate news, Prophecy Coal also announced it has appointed Patrick Langlois as vice president of corporate development and Joseph Li to its board of directors.
The first appointee, Langlois, brings investment banking and venture capital experience. His past roles include director of investment banking at Stonecap Securities, and managing director of investment banking at Laurentian Bank Securities.
Li, the second appointee, is a certified general accountant and for 13 years, was a senior auditor for the Ministry of Finance in British Columbia. Since January, he has been general manager and corporate secretary for Prophecy.
In addition, he also oversaw the successful spin-off of Prophecy Platinum Corp. (CVE:NKL).
Prophecy Coal develops and explores energy projects in Mongolia. Its flagship Ulaan Ovoo property started production in 2010 and its Chandgana mine mouth power plant is currently being permitted.
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