December 30, 2013 08:24 ET
Prophecy Coal Corporate Update VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 30, 2013) - NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO THE USA Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(FRANKFURT:1P2) - Further to its News Releases of April 16, 2013, May 31, 2013, and June 6, 2013, the Company announced the issuance of an aggregate of 4,460,857 common shares upon the exercise of an aggregate of 12,525,429 (the "Adjustment Warrants"), including 1,460,857 common shares issued on the exercise of 4,382,572 Adjustment Warrants (the "First Tranch Adjustment Warrants") issued to subscribers under the Company's first tranch closing of its unit private placement announced on April 16, 2013, and 2,714,286 common shares issued on the exercise of 8,142,857 Adjustment Warrants issued to subscribers under the Company's second closing of its unit private placement announced on June 6, 2013. The terms of the Adjustment Warrants are disclosed in the Company's May 31, 2013 News Release. The Company also announced that it has amended the terms of 18,358,000 previously issued stock options (the "Amended Options") held by officers directors, employees and consultants to reduce the option exercise price to $.28 per common share. Further, the Company has cancelled a total of 5,435,000 incentive stock options held by officers directors, employees and consultants (the "Option Holders") and re-issued a further 5,435,000 options (the "Reissued Options") exercisable at $0.28 per common share and expiring June 18, 2017 to the Option Holders. In addition, the Company announced that it had received shareholder approval for the issuance of 2,027,500 bonus shares (the "Bonus Shares") to certain directors, officers, employees and service providers of the Company, of which 1,013,750 have been issued and a further 1,013,750 are anticipated to be issued in January 2014. The issuance of the Bonus Shares was initially approved by the Company's board of directors in January 2013. Issuance of the First Tranch Adjustment Warrants, Bonus Shares, Re-issued Options and the amendments to the Amended Options were approved by the shareholders of the Company at its annual and special general meeting held on July 30, 2013 (the "Meeting"). A copy of the Company's Management Information Circular dated effective June 26, 2013 providing details of the resolutions passed at the Meeting is available under the Company's profile at www.sedar.com. About Prophecy Coal Prophecy Coal Corp. is a Canadian company listed on the Toronto Stock Exchange engaged in developing energy projects in Mongolia. Further information on Prophecy Coal can be found at www.prophecycoal.com. PROPHECY COAL CORP ON BEHALF OF THE BOARD JOHN LEE, Executive Chairman
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