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Northern Platinum Shareholders Approve Proposed Acquisition By Prophecy Resource - Quick Facts

(RTTNews) - Prophecy Resource Corp. (PCY.V, PRPCF.PK) and Northern Platinum Ltd. (NTH.V) said Friday that the shareholders of Northern Platinum have approved the acquisition of Northern Platinum by Prophecy by way of a plan of arrangement.

Completion of the arrangement remains subject to approvals from the British Columbia Supreme Court and the TSX Venture Exchange.

Northern and Prophecy said they will seek final approval from the B.C. Supreme Court for the arrangement at a hearing to be held on September 8, with arrangement completion date on or before September 10.

In July, Prophecy and Northern Platinum signed a definitive agreement for the business combination. Prophecy has agreed to issue 0.5 common shares and 0.1 warrants for each common share of Northern Platinum. Each whole arrangement warrant will entitle the holder to acquire one additional common share of Prophecy at an exercise price of C$0.80 that will expire 18 months following the transaction closing date.