Blueprint
Exhibit
99.1
Prophecy Has Initiated Detailed Engineering with M3 and also
Receives $1.338 Million from Warrant Exercises
Vancouver, British Columbia, December 18, 2018 – Prophecy
Development Corp. (“Prophecy”
or the “Company”)
(TSX:PCY,
OTCQX:PRPCF,
Frankfurt:1P2N) is
pleased to announce that since October 31, 2018, it has received
additional gross aggregate proceeds of $1,338,168 from the exercise
of 3,445,420 previously outstanding warrants (the
“Warrants”).
This is in addition to the previously announced bought deal
prospectus offering of $5.52 million per the Company’s news
release of November 22, 2018.
The Company also announces that, further to its previous news
release dated August 15, 2018, the Company has selected M3
Engineering & Technology Corporation
(“M3”)
of Tucson, Arizona to provide engineering, procurement,
construction and management services (EPCM) for its Gibellini
Vanadium Project in response to its Request for Proposal. M3 was
selected for its specific experience in heap leach engineering,
and
construction expertise in arid environments such as Nevada and
Arizona.
Gerald Panneton commented: “We are very pleased to have
awarded the EPCM services contract to M3, who bring very targeted
experience to the Gibellini Vanadium Project located in Eureka,
Nevada. With their proven experience and expertise in project
design and construction management, we have completed the team to
expedite the 2019 update of the engineering previously based on the
May 2018 Preliminary Economic Assessment and the 2011 Feasibility
Study. We look forward to filing in 2019 all of the construction
related permit applications and initiating the Environmental Impact
Statement with the Bureau of Land Management (BLM) for the
Gibellini Project.”
Finally, further to its previous news release dated July 9, 2018,
the Company has currently decided for the time being, not to spin
off a royalty and streaming company as previously
contemplated.
About Prophecy
Prophecy is developing the
Gibellini project – the only large-scale, open-pit,
heap-leach vanadium project of its kind in North America. Located
in Nevada, Gibellini has the largest NI 43-101 compliant measured
and indicated primary vanadium resource known in the USA and is
currently undergoing EPCM and permit development. Further
information on Prophecy can be found at www.prophecydev.com.
PROPHECY
DEVELOPMENT CORP.
ON
BEHALF OF THE BOARD
“Gerald
Panneton”
President
and CEO
For
more information about Prophecy, please contact Investor
Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including
statements which may contain words such as “expects”,
“anticipates”, “intends”,
“plans”, “believes”,
“estimates”, or similar expressions, and statements
related to matters which are not historical facts, are
forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements, which reflect
management’s expectations regarding Prophecy’s future
growth, results of operations, performance, business prospects and
opportunities, are based on certain factors and assumptions and
involve known and unknown risks and uncertainties which may cause
the actual results, performance, or achievements to be materially
different from future results, performance, or achievements
expressed or implied by such forward-looking
statements.
These factors should be considered carefully, and readers should
not place undue reliance on the Prophecy’s forward-looking
statements. Prophecy believes that the expectations reflected in
the forward-looking statements contained in this news release and
the documents incorporated by reference herein are reasonable, but
no assurance can be given that these expectations will prove to be
correct. In addition, although Prophecy has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in forward
looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended.
Prophecy undertakes no obligation to release publicly any future
revisions to forward-looking statements to reflect events or
circumstances after the date of this news or to reflect the
occurrence of unanticipated events, except as expressly required by
law.