Tuesday, 17 July 2012

Prophecy Platinum completes Ursa Major Minerals acquisition

Prophecy Platinum Corp. (CVE:NKL) said Tuesday that it has officially acquired the Nickel and copper producer Ursa Major Minerals (TSE:UMJ).
The junior natural resource miner said the deal was completed Monday, July 16. Before being delisted, Ursa’s last trading day on the TSX is July 18.
Following the transaction, Prophecy will have 58.7 million shares issued and outstanding, and also options and warrants enabling holders to buy 9.03 million shares at prices ranging from $7.50 to 90 cents each, with expiry dates ranging from August 9, 2012 to July 13, 2017.
The merger, which was first announced on March 1, will create a mid-tier resource company with a pipeline of Platinum and Nickel projects including the Shakespeare Nickel-copper mine near Sudbury, and the Wellgreen project, in Yukon Territory and Manitoba’s Lynn Lake.
Shakespeare has a probable reserve of 11.82 million tonnes grading 0.33% Nickel, 0.35% copper and 0.02% cobalt with 0.33 grams per tonne (g/t) Platinum. This includes 0.36 g/t palladium and 0.18 g/t gold.
The Wellgreen project in the Yukon has over 10 million ounces of Platinum-palladium-gold inferred resource. Active drilling is ongoing with a pending preliminary economic assessment study.
Manitoba's Lynn Lake Nickel-copper project has over 262 million pounds of Nickel and 138 million pounds of copper in the measured and indicated categories.
Prophecy Platinum is a Canadian Nickel and Platinum group metals exploration explorer with projects in Canada, Argentina and Uruguay. In Canada, it holds the Lynn Lake project in Manitoba, as well as Wellgreen.
Prophecy is a spin-out from Prophecy Coal (TSE:PCY), which presently owns 41 per cent of Prophecy Platinum.

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