Prophecy Has Initiated Detailed Engineering with M3 and also Receives $1.338 Million from Warrant Exercises
Date: Dec 19, 2018
Prophecy Development Corp. (“Prophecy” or the “Company“) (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2N) is pleased to announce that since October 31, 2018, it has received additional gross aggregate proceeds of $1,338,168 from the exercise of 3,445,420 previously outstanding warrants (the “Warrants“). This is in addition to the previously announced bought deal prospectus offering of $5.52 million per the Company’s news release of November 22, 2018.
The Company also announces that, further to its previous news release dated August 15, 2018, the Company has selected M3 Engineering & Technology Corporation (“M3“) of Tucson, Arizona to provide engineering, procurement, construction and management services (EPCM) for its Gibellini Vanadium Project in response to its Request for Proposal. M3 was selected for its specific experience in heap leach engineering, and construction expertise in arid environments such as Nevada and Arizona.
Gerald Panneton commented: “We are very pleased to have awarded the EPCM services contract to M3, who bring very targeted experience to the Gibellini Vanadium Project located in Eureka, Nevada. With their proven experience and expertise in project design and construction management, we have completed the team to expedite the 2019 update of the engineering previously based on the May 2018 Preliminary Economic Assessment and the 2011 Feasibility Study. We look forward to filing in 2019 all of the construction related permit applications and initiating the Environmental Impact Statement with the Bureau of Land Management (BLM) for the Gibellini Project.”
