Prophecy Platinum (CVE:NKL) has diversified its cash holdings by purchasing both platinum and palladium exchange traded funds, the company said Tuesday.
The company spent a total of $4 million on platinum and palladium funds bought on NYSE Arca at a price of $152.05 for platinum and $63.85 for palladium.
NYSE Arca is a securities exchange on which both stocks and options are traded. It is owned by NSYE Euronext.
Prophecy’s chairman, John Lee, said: "With the price of platinum currently trailing the price of gold, and the fact that annual platinum production amounts to less than 10 percent of gold production, Prophecy Platinum's directors unanimously approved this cash diversification."
In addition, the company also announced on Tuesday that it has granted options to buy 840,000 shares for $2.25 apiece for five years to directors, officers and employees of the company.
The above grant is subject to regulatory approval, including the approval of the TSX Venture Exchange.
Earlier this month, the company announced final drill results from its flagship Wellgreen platinum group metals and nickel-copper project, which lies in the Yukon Territory.
Highlights include holes 190 and 192 which were drilled to the east and returned 120.9 metres grading 1.26 grams per tonne, and PGM plus gold, 0.36% nickel, 0.30% copper within 457 metres grading 0.47% nickel equivalent.
Prophecy is nickel, platinum group metal exploration company with projects in Canada, Argentina and Uruguay. Its flagship Wellgreen copper and nickel project rests in the Yukon Territory, Canada and its Lynn Lake project is located in Manitoba, Canada.
Shares were flat at $2.25 on Toronto’s junior Venture Exchange.
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