Coal miner Prophecy
Coal (TSE:PCY) said after markets closed Thursday that it closed a
previously announced $10.06 million non-brokered private placement financing.

The company sold 22.36 million shares priced at 45 cents each. That is up
from the initial 20 million Prophecy originally planned to sell.

Prophecy said company insiders invested $508,500, and together with existing
shareholders, subscribed for a majority of the financing.

Cash finder’s fees of six percent of the proceeds were paid to some
arms-length portions of the placement, the company said.

Prophecy said it will use funds for technical work to bring its Chandgana
thermal coal power plant project, found in Mongolia, toward development. The
profits will also be used for general working capital.

In November 2011, Prophecy
Coal, a Vancouver-based company, received a license from the Mongolian
government to build a 600 megawatt power plant at its Chandgana Tal thermal
coal deposit.

The company has over 1.4 billion tonnes of near surface thermal coal
resources on two coal properties in Mongolia.  Prophecy
Coal“s Chandgana 600 MW mine mouth power plant has been permitted and its
Ulaan Ovoo coal mine is now in production.

Source: http://www.proactiveinvestors.com