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VANCOUVER, B.C. - April 15, 2010, : Prophecy Resource Corp. (TSX.V: PCY; OTC: PCYRF; Frankfurt: 3P1) has agreed to a non-brokered private placement with Victory Nickel Inc. (TSX: NI) of 675,500 units at a price of $0.59 per unit for gross proceeds of $371,525. This placement will enable Victory Nickel to maintain their 10% equity interest in Prophecy prior to completion of the merger with Red Hill Energy in accordance with the terms of an Equity Participation Agreement with Victory Nickel dated October 20, 2009. Each unit will be comprised of one common share and one half of one share purchase warrant, with each warrant entitling the holder to purchase an additional share at an exercise price of $0.80 per share for a period of two years from the date of issue.
In the event that the closing price of Prophecy's common shares on the TSX Venture Exchange is at least $1.10 for twenty consecutive trading days at any time following four months from the date of closing, the Company may reduce the remaining exercise period of the Warrants to not less than 30 days from the date of providing notice of such reduced exercise period.
This private placement is subject to acceptance for filing by the TSX Venture Exchange.
Quelle: www.prophecyresource.com/news_2010_apr15.php