Vancouver-based Prophecy Development Corp. (TSX:PCY) has been wheeling and dealing of late, having closed a bought-deal financing for aggregate gross proceeds of $5,520,000. BMO Capital Markets purchased, on a bought-deal basis, 12,000,000 common shares of the Company for 46 cents per common share.
The net proceeds of the Offering will be used to continue exploration and advance development and permitting of the Company's Gibellini Vanadium Project and for general corporate purposes.
A news release out Thursday says Prophecy is developing Gibellini – the only large-scale, open-pit, heap-leach vanadium project of its kind in North America. Located in Nevada, Gibellini has the largest NI 43-101 compliant measured and indicated primary vanadium resource known south of the border.
While Prophecy didn’t triumph as thunderously in price mid-Thursday, growing only half a cent, or 1.1%, to 47.5 cents, buyers were feeling the buzz, trading in more than 247,000 shares.
