Prophecy Platinum Corp. (CVE:NKL) said Tuesday it has closed a $7.25 million non-brokered private financing.
company plans to sell 5.06 million units priced at $1.20 each to
generate about $6.08 million. It added each unit consists of one share
and one-half purchase warrant valid for two years.
gives the holder a right to buy one extra share priced at $1.50 each in
the first year, and $2.00 per share in the second year.
It also plans to sell 807,655 flow-through shares priced at $1.45 each generating proceeds of roughly $1.17 million.
Finder’s fees may be paid, the company said.
Proceeds will go
toward the company’s flagship Wellgreen project in the Yukon, and its
other properties, in addition to general working capital.
the company reported roughly two weeks ago that it officially purchased
nickel and copper producer Ursa Major Minerals.
The junior natural resource miner said the deal was completed Monday, July 16.
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.
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.
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.
Lynn Lake nickel-copper project has over 262 million pounds of nickel
and 138 million pounds of copper in the measured and indicated
Prophecy is a Canadian nickel and platinum group metals exploration
miner with projects in Canada, Argentina and Uruguay. In Canada, it
holds the Lynn Lake project in Manitoba, as well as Wellgreen.