From the website:
Prophecy Resource Corp. (PCY) is an internationally diversified company engaged in developing energy, nickel and platinum group metals projects. The company controls over 1.4 billion tonnes of surface minable thermal coal resources in Mongolia. Prophecy's Ulaan Ovoo coal mine is fully operational, and its Chandgana mine mouth power plant is currently being permitted.
On May 5, the company appointed David Jan as the company's chief financial officer. Mr. Jan is a chartered accountant (CA) and joins Prophecy from Western Coal Corp. (WTNCF), where he held the position of head of investor relations prior to its merger with Walter Energy Inc. (NYSE:WAL).
From Motley Fool:
Mongolia is where they have their coal concentrations in the Ulaan Ovoo and Chandgana projects. Ulaan Ovoo has over 200 million tons of measured and indicated coal at a 20-year mine life and a projected 10Mt per year (by 2014) mining rate. Chandgana, however, has an estimated ONE POINT TWO BILLION TONS of thermal coal. Did I mention that these projects are in Mongolia? For the geographically impaired, it borders China, the world's largest consumer of coal. The Mongolian Ministry of Nature and the Environment has approved a 600MW coal fired power plant near the Chandgana project with the ultimate goal of building a series of power plants with a total capacity of 4200MW. It also has a significant infrastructure nearby, including railway and paved highway.
In Canada, it has several metals projects. Wellgreen project is Nickel, Copper, Platinum, Palladium, and Rhodium. It has a range of 77 to 254 million tons at .26% to .38% nickel, .26% to .36% copper, and .55 to .85 grams/ton platinum and palladium. Lynn Lake is the nickel mine with 22.9 million tons of M&I at .57% Nickel and .30% copper (262 million pounds of Nickel and 138 million pounds of Copper). Other Canadian projects include the Titan Vanadium-Titanium-Iron project and the Okeover Copper-Moly project.
Prophecy has a fully diluted market cap ~$250 million
Prophecy Resource Corp. and Pacific Coast Nickel Corp. (PCNC) are pleased to announce that further to their announcement on April 4, 2011, both companies have set a shareholder meeting date of May 31, 2011, to approve the sale of Prophecy's Wellgreen PGM Ni-Cu and Lynn Lake Nickel projects (the "Projects") to Pacific Coast Nickel.
Pursuant to the Agreement, Pacific Coast Nickel will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects located in the Yukon Territory and Manitoba respectively (the “Properties”) by issuing up to 550 million common shares of Pacific Coast Nickel to Prophecy. Pacific Coast Nickel currently has 55.7 million shares outstanding.
Following the transaction:
- Prophecy will own approximately 90% of Pacific Coast Nickel.
- Pacific Coast Nickel will consolidate its share capital on a 10 old for 1 new basis.
- Prophecy will change its name to “Prophecy Coal Corp.” and Pacific Coast Nickel will be renamed as “Prophecy Platinum Corp."
- Prophecy intends to distribute half of its Pacific Coast Nickel share to shareholders pro rata in accordance with their holdings (the “PCNC Distribution”).