Prophecy Resource Corporation and Pacific Coast Nickel Corporation have entered into a binding letter of agreement where PCNC will acquire Prophecy’s Nickel PGM projects by issuing common shares to Prophecy. As per the agreement, PCNC will acquire the Wellgreen PGM Ni Cu in the Yukon Territory and the Lynn Lake nickel projects in Manitoba by issuing up to 550 million common shares of PCNC to Prophecy. Currently, PCNC has 55.7 million shares outstanding. Once the transaction is complete Prophecy will own approximately 90% of PCNC. Prophecy will be renamed Prophecy Coal Corporation and PCNC will change its name to Prophecy Platinum Corporation. Based on the closing price of the common shares of PCNC which were USD 0.195 per share, the total value of the transaction is USD 107,250,000. John Lee, the current chairman of PCNC, has been appointed interim CEO of PCNC effective immediately.
