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Prophecy Platinum to raise $8.1 mln in private placement financing

Prophecy Platinum (CVE:NKL) (OTCQX:PNIKF) Tuesday arranged a non-brokered private placement of 3 million shares at a price of $2.70 per share to raise aggregate gross proceeds of $8.1 million.

The proceeds will be applied to the company's flagship Wellgreen platinum group metal (NYSEARCA:PGM), nickel and copper project in the Yukon, Canada, as well as to its other properties and for general working capital needs.

Company insider Sprott Asset Management, on behalf of various funds and managed accounts, has committed up to 25 percent of this financing, the company said. Additional insiders of the company are expected to subscribe at $2.72 per share.

The closing of the placement is anticipated to occur on or before November 11.

Prophecy Platinum is a Canada-based nickel, PGM exploration company with projects in Canada, Argentina and Uruguay.