Stage now set..... Thanks to Box on the PCY board, it looks as though all insiders are now set to reap the benefits of the PEA and PPA. IMO, this last step sets the stage to release the PEA. It also suggests that not only does PCY want the money the warrants represent, they also think these strike prices are within reach per the extension.
Prophecy Coal Corp.
TSX : PCY
OTCQX : PRPCF
FRANKFURT : 1P2
March 21, 2012 12:44 ET
Prophecy Coal Extends Warrant Expiry Dates
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2012) -Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces that it will extend the expiry dates of certain outstanding warrants as detailed below. The subject warrants were originally issued during March, April and September, 2010 with original expiry dates of 18 months and 2 years. The new expiry dates will provide a one year extension. 223,650 of these warrants are held by insiders and will only be amended with the approval of the disinterested shareholders of Prophecy Coal which will be sought at the next shareholders meeting scheduled for summer, 2012. The amendment to the expiry dates of the warrants held by arm's length parties will become effective on April 5, 2012 and the warrants will continue to be exercisable at their original exercise prices.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The company has approximately 1.4 billion tonnes* (measured and indicated) of near surface thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Chandgana 600 MW mine mouth power plant, for which technical studies are underway, has been permitted. The Company's Ulaan Ovoo coal mine is now in production. 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 Prophecy Coal Corp.
John Lee, CEO/Chairman