Prophecy Announces 10-for-1 Stock Split
Vancouver, British Columbia (FSCwire) - Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) announces following conditional acceptance by the Toronto Stock Exchange (“TSX”), and approval by the Company’s shareholders at its Annual General Meeting held on June 20, 2018, that the Company intends to split the issued and outstanding common shares (the “Shares” and each, a “Share”) in the capital of the Company, on the basis of ten (10) new Shares for every one (1) old Share outstanding (the “Split”).
The Shares will commence trading on an ex-distribution and post-split basis at market opening on August 8, 2018.
The record date for the Split will be July 31, 2018 at the close of business (the “Record Date”). Prophecy’s transfer agent, Computershare Investor Services Inc. (“Computershare”) will send shareholders of record as of the Record Date, nine additional Shares for every Share held on August 7, 2018 (the “Payment Date”).
The TSX has determined to implement the “due bill” trading procedure in connection with the Split. Anyone purchasing a Share of Prophecy between July 30, 2018 and August 7, 2018 inclusively (the “Due Bill Period”) shall receive a due bill. Any trades that are executed on the TSX during the Due Bill Period will be identified to ensure purchasers of Shares receive the entitlement to the additional Shares under the Split. The due bill redemption date will be on August 9, 2018.
The Company intends to issue the additional Shares by “push out” method via Direct Registration System (DRS) transfer to shareholders of record.
The Shares continue to trade on the TSX under “PCY”, OTCQX under “PRPCF”, and Frankfurt stock exchange under “1P2N” with the same CUSIP number 74347D207. No action is required by shareholders with respect to the Split of their Shares.
The 10-for-1 Split is intended by management to enhance trading liquidity and will increase the number of the Company’s outstanding Shares from approximately 7,861,622 Shares to approximately 78,616,220 Shares. Proportional adjustments will be made to the number of Prophecy’s Shares issuable upon exercise or conversion of Prophecy's outstanding options and warrants, as well as the applicable exercise price.
Further details of the Split are contained in the Company’s Management Information Circular dated May 8, 2018 which may be found at www.SEDAR.com. Computershare can also be contacted at 1-800-564-6253 for further information.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. Prophecy’s main objective is to develop the Gibellini primary vanadium mining project in the Battle Mountain region in northeastern Nevada to production.
Further information on Prophecy can be found at www.prophecydev.com.
ON BEHALF OF THE BOARD
“JOHN LEE”
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Prophecy’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Prophecy’s forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
To view the original release, please click here
Source: Prophecy Development Corp. (TSX:PCY, OTCQX:PRPCF, FWB:1P2N, LSE:0VDT)
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