Prophecy Secures $10 million loan to advance Ulaan Ovoo Coal Mine, Mongolia
Vancouver, British Columbia, September 2, 2010: Prophecy Resource Corp. (“Prophecy” or the “Company”) (TSX-V:PCY, OTCQX: PRPCF, Frankfurt: 1P2) has arranged a secured debt facility of up to $10 million (the “Loan”) with Waterton Global Value, L.P. (“Waterton”). Subject to certain drawdown conditions, the loan may be drawn down in three tranches as follows: (a) $2 million on the closing date, which occurred as at September 1, (b) $3 million on the date Prophecy completes the acquisition of Northern Platinum Ltd. ...
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