Exhibit
99.1
Prophecy Announces
$2,600,000 Private
Placement
Vancouver, British Columbia, August 26, 2019 – Prophecy
Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTC:PRPCD,
Frankfurt:1P2N) announces that it is undertaking a non-brokered
private placement (the “Placement”) involving the issuance of 13 million
Common Shares of the Company (the “Shares”) at a price of $0.20 per per Share to
raise aggregate gross proceeds of $2,600,000.
Company management and directors will subscribe 2 million Shares of
the Placement.
The Shares will be subject to a minimum hold period of four months
plus one day from the date of issue. Finder’s fees may be
paid in cash or Shares, in certain instances in connection with the
Placement.
Closing of the Placement is expected to occur by September 15,
2019. The Placement and
payment of any finder’s fees are subject to the approval of
the TSX and other customary closing conditions.
Proceeds of the Placement are expected to be used to develop
Prophecy’s mineral projects and for general working capital
purposes.
About Prophecy
Prophecy is developing Pulacayo silver project in Bolivia and
Gibellini vanadium project in Nevada. Further information on
Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“John
Lee”
Executive Chairman
For more information about Prophecy, please contact Investor
Relations:
+1.604.569.3661 ext. 101
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.