and Expiry of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 27, 2015) - Prophecy Development Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces that it has entered into a revolving credit facility agreement (the "Credit Facility") with Linx Partners Ltd., a company controlled by a director of Prophecy. A maximum principal amount of CAD$1.5 million is available to the Company under the Credit Facility, which will be in place for one year, with an option to extend for any number of subsequent one-year terms. The Credit Facility will fund Prophecy's ongoing business operations, bears an interest rate of 1.5% per month and is secured by a promissory note and general security agreement.
The Company also announces that the private placement with TBF Capital Management Group (HK) Limited ("TBF") previously announced on December 8, 2014 and February 25, 2015 has not closed by the deadline stipulated by the Toronto Stock Exchange. TBF has to date, failed to remit their subscription proceeds under a binding contract despite its repeated assurances to the Company that they would do so.
Prophecy confirms that TBF, TBF Capital Management Group (Shanghai) Corp. and China State Fund currently have no stake in Prophecy's Ulaan Ovoo Coal Project or Chandgana Power Plant Project in Mongolia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 27, 2015) - Prophecy Development Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces that it has entered into a revolving credit facility agreement (the "Credit Facility") with Linx Partners Ltd., a company controlled by a director of Prophecy. A maximum principal amount of CAD$1.5 million is available to the Company under the Credit Facility, which will be in place for one year, with an option to extend for any number of subsequent one-year terms. The Credit Facility will fund Prophecy's ongoing business operations, bears an interest rate of 1.5% per month and is secured by a promissory note and general security agreement.
The Company also announces that the private placement with TBF Capital Management Group (HK) Limited ("TBF") previously announced on December 8, 2014 and February 25, 2015 has not closed by the deadline stipulated by the Toronto Stock Exchange. TBF has to date, failed to remit their subscription proceeds under a binding contract despite its repeated assurances to the Company that they would do so.
Prophecy confirms that TBF, TBF Capital Management Group (Shanghai) Corp. and China State Fund currently have no stake in Prophecy's Ulaan Ovoo Coal Project or Chandgana Power Plant Project in Mongolia