Prophecy Coal Releases Q1-2011 Results
23 6월 2011 - 9:30PM
Marketwired
Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX VENTURE:
PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) has filed today its interim
financial results for the first quarter ended March 31, 2011. The
interim condensed financial statements and accompanying
Management's Discussion and Analysis ("MD&A") are available on
the Company's website at www.prophecycoal.com and on SEDAR at
www.sedar.com.
Highlights for the quarter include:
-- In January 2011, the Company and Pacific Coast Nickel Corp. ("PCNC")
entered into an agreement ("Arrangement") whereby PCNC will acquire
Prophecy's Nickel PGM projects (Lynn Lake and Wellgreen) by issuing 450
million common shares to the Company. The transaction closed on June 13,
2011 (see below).
-- In January 2011, the Company repaid its $5 million debt facility. The
Company is currently debt free.
-- In March 2011, the Company obtained from the Mongolian government a full
mining license for its 141 million tonne coal deposit on its Chandgana
Tal coal property in Mongolia.
-- The Company completed the quarter with $19.7 million in cash and net
working capital of $26.5 million.
Subsequent to quarter-end:
-- In April 2011, the Company submitted a formal request to the Ministry of
Natural Resources and Energy of Mongolia to build the Chandgana Power
Plant.
-- In May 2011, the Company announced the appointment of Mr. David Jan as
the Company's Chief Financial Officer.
-- In June 2011, the Arrangement with PCNC was concluded. After a stock
dividend to Prophecy shareholders and the placement of other shares in
escrow for current option and warrant holders, Prophecy will own 44.5%
of outstanding common shares and 42.5% of fully diluted common shares of
PCNC. Prophecy's Lynn Lake and Wellgreen nickel properties were sold to
PCNC. In connection with the Arrangement, shareholders of Prophecy also
approved a change of name to "Prophecy Coal Corp.", and shareholders of
PCNC also approved a 10:1 share consolidation.
-- In June 2011, the Company announced it had secured port allocation at
the Port of Sovgavan, Russia of 300,000 tonnes per year, with the
potential to grow to 600,000 tonnes per year, for shipping coal from the
Ulaan Ovoo mine to potential offshore customers in China, South Korea
and Japan.
During the first quarter of 2011, Prophecy incurred a loss of
$2,555,772 or $0.02 per share, compared to a net loss of $423,000
or $0.01 per share in the same quarter a year ago. The increase in
net loss is primarily due to increased activities as a larger
company after the acquisition of Prophecy Holdings Inc and Northern
Platinum Ltd.
Selected financial information
C$ 000's As at March 31, 2011 As at December 31, 2010
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Working capital (1) 26,462 35,812
Total Assets 106,832 110,184
Total Equity 105,918 102,739
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(1) Working capital = current assets less current liabilities
Operational Highlights:
Ulaan Ovoo coal mine: Since the mine commenced operations
November 2011, it has removed over 1.5 million bank-cubic-metres of
waste in producing nearly 230,000 tonnes of thermal coal. The
Company also trucked approximately 20,000 tonnes of coal to the
stock yard at the Sukhbataar rail station, ready for export
shipping. The Company is working with its mining contractor to
optimize mine plans for 2011.
Chandgana Power Plant Project: the Company continues to make
progress in the development of the Power Plant at Chandgana. During
the first quarter of 2011, the Company received a mining license
for 141 million tonnes of coal. Subsequent to quarter-end, Prophecy
submitted a feasibility study to the Mongolian Ministry of Natural
Resources and Energy for approval. The Company expects to receive
approval for the power plant permit late in the third quarter 2011.
Meanwhile, the Company has commissioned a bankable feasibility
study and also commenced discussions with several international
investment bankers for power plant financing.
John Lee, Chairman of Prophecy Coal, states, "The Company
continues to make progress on several fronts. Mining at Ulaan Ovoo
is progressing well as are the discussions on the mine's coal
off-take agreements. Meanwhile, we continue to make significant
progress towards developing the Company's flagship operation, the
Chandgana Power Plant. And lastly, the spinout of the Company's
nickel and PGM assets allows Prophecy to become a company purely
focused on its Mongolian coal assets. The company ends the quarter
with over $100 million in total assets on the balance sheet."
The Company also wishes to announce the resignation of John
McGoran, P.Geo from the board of directors. With the spin-out of
the Canadian nickel and PGM assets completed, Mr. McGoran has
joined the board of Prophecy Platinum Corp (formerly PCNC). The
Company would like to thank Mr. McGoran for his service and expects
that his guidance will be a key element in the growth of Prophecy
Platinum.
About Prophecy Coal
Prophecy Coal Corp. (formerly Prophecy Resource Corp) is a
Mongolian coal company engaged in developing energy projects. The
company controls over 1.4 billion tonnes of surface minable thermal
coal resources on two coal properties in Mongolia. Prophecy Coal's
Ulaan Ovoo thermal coal mine is in preproduction and its Chandgana
mine mouth power plant is currently being permitted. Prophecy Coal
also owns equity stakes in Prophecy Platinum Corp., Victory Nickel
Inc. and Compliance Energy Corp. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
Further information can be found at www.prophecycoal.com.
ON BEHALF OF THE BOARD OF DIRECTORS of Prophecy Coal Corp.
John Lee, Chairman
Forward Looking Statements: This news release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts, including, without limitation, statements regarding future
plans and objectives of the companies are forward-looking
statements that involve various risks and uncertainties. Although
Prophecy believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Forward-looking statements are based on
a number of material factors and assumptions. Factors that could
cause actual results to differ materially from those in
forward-looking statements include general economic, regulatory,
market or business conditions, and other risks detailed herein and
from time to time in the filings made by the companies with
securities regulators. Mineral exploration and development of mines
is an inherently risky business. Accordingly the actual events may
differ materially from those projected in the forward-looking
statements. For more information on Prophecy and the risks and
challenges of its business, investors should review filings that
are available at www.sedar.com.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended ("the U.S.
Securities Act") or any state securities law and may not be offered
or sold in the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Prophecy Coal Corp. David Jan Chief Financial Officer
1-800-358-5865 djan@prophecycoal.com www.prophecycoal.com
Prophecy Coal Corp (TSXV:PCY)
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