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| Home : Prophecy Secures $10 Million Loan to Acquire Tugalgatai Coal Licenses, Mongolia |
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Jul 17
2012 |
Prophecy Secures $10 Million Loan to Acquire Tugalgatai Coal Licenses, Mongolia |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2012) - Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) has arranged a $10 million secured debt facility (the "Loan") with Waterton Global Value, L.P. ("Waterton Global"). The funds will be used to complete the purchase of the Tugalgatai, Mongolia coal licenses on which a large coal resource is known to exist as described in the Company's news release of June 18, 2012. The Loan has a one year term and bears interest at 14% per annum. A structuring fee of 2.5% plus a bonus of $600,000 are payable through the issuance of 2,735,617 of the Company's common shares on closing of the Loan which occurred today. These shares are subject to a four month hold period. |
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| Source:http://www.marketwire.com/mw/release.do?id=1680457&sourceType=3 |
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