PCY Restates EarningsIs this the first time PCY has had to restate earnings? I believe they had they were halted at one time for putting out inappropriate results for Wellgreen at one point as well. I don't understand why this should happen to a company with such experienced management.
Prophecy Coal Clarifies Q1-2011 Financial Statement Disclosures
8/11/2011 8:20:24 PM - Market Wire
As a result of a review by the British Columbia Securities Commission, Prophecy Coal is issuing the following press release to clarify its Q1-2011 disclosure.
VANCOUVER, BRITISH COLUMBIA, Aug 11, 2011 (MARKETWIRE via COMTEX News Network) --
Prophecy Coal Corp. (TSX VENTURE: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) ("Prophecy" or the "Company") announces at the request of the British Columbia Securities Commission, the Company has today filed amended Q1-2011 financial statements and management discussion and analysis (MD&A).
The changes include reconciliation between the Company equity in accordance with previous GAAP and current IFRS accounting regulations as at March 31, 2010. The amendments in MD&A include further discussion on the Company's operations, Prospectus offering, quarterly results, and related party transactions.
The amended financial statements and MD&A do not have an impact on operations or cash flows of the Company. The amended filings provide further clarification in the notes to the financial statements and further discussion on the Company's operations in the MD&A. The amended documents are available on SEDAR (www.sedar.com) and the Company's website.
Prophecy Coal Announces CFO Departure and Appointment of Interim CFO
Prophecy Coal also announces that CFO David Jan has left the company effective immediately to pursue other opportunities. Irina Plavutska, currently corporate controller of Prophecy, has been appointed Interim CFO. Ms. Plavutska is a professional accountant with over 20 years of diverse international experiences in financial reporting, auditing, and accounting. She is a member of Certified General Accountants Association of British Columbia.
John Lee, Chairman of Prophecy states: "Irina is very capable and we will take our time to find the CFO with the right fit and experience."
About Prophecy Coal
Prophecy Coal Corp. (formerly Prophecy Resource Corp.) is a Mongolian coal company engaged in developing energy projects. The Company controls over 1.4 billion tonnes of surface minable thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Ulaan Ovoo thermal coal mine is in preproduction and its Chandgana mine mouth power plant is currently being permitted. Prophecy Coal is the controlling shareholder of Prophecy Platinum Corp (TSX VENTURE: NKL). Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further information on Prophecy Coal can be found at www.prophecycoal.com.
ON BEHALF OF THE BOARD OF DIRECTORS of Prophecy Coal Corp.
John Lee, Chairman