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Last C$0.04 CAD
Change Today 0.00 / 0.00%
Volume 158.4K
PCY On Other Exchanges
Symbol
Exchange
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OTC US
As of 1:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

prophecy development corp (PCY) Snapshot

Open
C$0.04
Previous Close
C$0.04
Day High
C$0.04
Day Low
C$0.04
52 Week High
08/21/14 - C$0.09
52 Week Low
04/21/15 - C$0.04
Market Cap
10.9M
Average Volume 10 Days
295.1K
EPS TTM
C$-0.05
Shares Outstanding
311.9M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for PROPHECY DEVELOPMENT CORP (PCY)

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prophecy development corp (PCY) Details

Prophecy Development Corp. engages in the acquisition, exploration, and development of coal properties in Mongolia. The company primarily has a 100% interest in the Ulaan Ovoo coal property located in Selenge province, Northern Mongolia, under the mining license MV-1231 that covers an area of 214 hectares and the mining license MV-14657 with an area of 355 hectares; a 100% interest in the Chandgana Tal coal exploration property consisting of mining licenses, MV-016767 and MV-010126 with coal-bearing portion of approximately 1,636 hectares located in the Nyalga coal basin, Mongolia; and a 100% interest in the Chandgana Khavtgai Uul coal exploration property with coal-bearing portion comprising approximately 1,636 hectares located in the Nyalga coal basin. It also has a 60% interest in the Okeover copper-molybdenum project located in the Vancouver mining division, Canada; a 100% interest in the Kanichee property located in Streathy Township, north of Toronto, Ontario, Canada; and an 80% interest in the Titan property, a vanadium-titanium-iron project located in Ontario, Canada. In addition, the company is developing Chandgana power plant project in Mongolia. The company was formerly known as Prophecy Coal Corp. and changed its name to Prophecy Development Corp. in January 2015. Prophecy Development Corp. is headquartered in Vancouver, Canada.

95 Employees
Last Reported Date: 03/31/15

prophecy development corp (PCY) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: C$45.3K
General Counsel and Corporate Secretary
Total Annual Compensation: --
Executive Director
Total Annual Compensation: --
Manager of Geology
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

prophecy development corp (PCY) Key Developments

Prophecy Development Corp. Auditor Raises 'Going Concern' Doubt

Prophecy Development Corp. filed its Annual on Mar 31, 2015 for the period ending Dec 31, 2014. In this report its auditor, Davidson & Company, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Prophecy Development Corp. Announces $1.5 Million Credit Facility

Prophecy Development Corp. announced that it has entered into a revolving credit facility agreement with Linx Partners Ltd., a company controlled by a director of Prophecy. A maximum principal amount of CAD 1.5 million is available to the company under the credit facility, which will be in place for one year, with an option to extend for any number of subsequent one-year terms. The credit facility will fund Prophecy’s ongoing business operations, bears an interest rate of 1.5% per month and is secured by a promissory note and general security agreement.

Prophecy Development Corp. Provides Update on Chandgana Mine Mouth Power Plant Project

Prophecy Development Corp. announced the following update on its Chandgana Mine Mouth Power Plant Project in central Mongolia. February 2014, the Chandgana Power Plant was approved by the Mongolian Government under amendment to Resolution #317 to be included in the list of concession projects. Prophecy met numerous times with the MoED in 2014 to discuss the Chandgana Power Plant CA, with the issue centered on whether a public tender is required or whether the project can be qualified under the direct negotiation frame work given that PPG is already in possession of several unique non-transferrable essential elements to the project such as construction license and land use rights. In June 2014, the MoED made a public tender of projects from the approved list of concession projects, including the Chandgana Power Plant, on the condition that should another bidder besides PPG win the bid, that the winning bidder will reimburse PPG for its past incurred expenses related to the Chandgana Power Plant development. The Chandgana Power Plant tender concluded in September 2014, with no winning bid because no bidder submitted the required $1.6 million dollar bank guarantee. In October 2014, PPG received an official invitation letter (#7/2055) from the MoED to directly negotiate the conditions of the Chandgana Power Plant CA on an exclusive basis under the Mongolian Concession Law Article 15. Upon request by the MoED, PPG submitted a full set of revised agreements (key ones including: a Feasibility Study, Concession Agreement (Revised CA), Power Purchase Agreement (PPA), Tariff Proposal, Coal Supply Agreement, EPC Proposal, EPC contract, Bank Term Sheet, Equity Investor MOUs, Land Use Permit) totaling well over 1,000 pages for review. In December 2014, with a new Mongolian Government in place, the Concession department was transferred from the MoED to the Ministry of Industry (MoI). In late January 2015, PPG representatives met with the Minister of Industry, who committed to fast-track a list of advanced and qualified concession projects to signing of concession agreements, including one for the Chandgana Power Plant, in the coming Spring session. In February 2015, PPG was notified that a working group was appointed to work on the power concession projects. PPG looks forward to working closely with the working group to fast-track negotiations and signing of a concession agreement.

 

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