Prophecy Platinum Corp. (CVE:NKL)(OTCQX:PNIKF) announced Tuesday the appointment of Harald Batista and Myron Manternach to the company's board of directors.
The mineral exploration company said Batista joins Prophecy with over two decades of sales and marketing experience.
He is a member of the prominent Batista family in Brazil that includes Eliezer Batista, the founder of Vale, and Eike Batista, the founder of infrastructure and natural resources company EBX Group.
The other new addition to the board is Manternach, who is currently
managing director of Composite Capital, an investment advisory firm
based in Greenwich, Connecticut.
Prior to his time at Composite, he was managing director of Octavian Advisors, a global investment fund based in New York.
From 1994 to 2001, he was a vice president of investment banking at
JPMorgan, where he advised on mergers and acquisitions, and raised
capital for financial sponsors and corporate clients in the metals,
mining, paper & packaging, telecom, media, and technology
"Harald brings top-tier international networking and Myron brings
expert M&A and financial guidance to Prophecy," said Prophecy’s
chairman, John Lee.
"As the company moves towards feasibility and permitting, Harald and
Myron will provide invaluable input towards strategic alliances and
project financing to maximize shareholder value."
The company announced at the end of June a non-brokered placement
worth $11.25 million, in a bid to advance its flagship Wellgreen
property in the Yukon to pre-feasibility stage.
The financing consists of five million units priced at $2.25 each. The units are made up of one share and one purchase warrant.
Warrant holders have a right to buy one extra share for $3 each for a period of 24-months.
In the statement, Prophecy said it plans to use the new funds to
advance its Wellgreen property toward pre-feasibility as well for
exploration on the balance of the projects in its mineral portfolio, and
for general corporate purposes.
In just a year’s time since its listing, the company has managed to
outline an initial resource, generate a robust economic report, and kick
start a 20,000 metre drill program at its flagship Wellgreen project, a
Platinum group metals (PGM)-rich Nickel-copper property in the Yukon.
The project is comprised of 120 claims over 2,500 hectares.
The company, which spun off of Prophecy Coal
(TSE:PCY) in June of last year, is focused on increasing the resource
at Wellgreen, with the highly-anticipated preliminary economic
assessment (PEA) of the project just released last week.
The PEA, prepared by Tetra Tech,
evaluated a base case open pit mine at an 111,500 tonne per day mining
rate, and an onsite concentrator at a 32,000 tonne per day milling rate.
The project is expected to produce 1.959 billion pounds of Nickel in concentrate, 2.058 billion pounds of copper and 7.119 million ounces of Platinum plus palladium plus gold over a 37-year mine life, with an average strip ratio of 2.57.