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Prophecy Resource Corp. (TSX VENTURE: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) and Pacific Coast Nickel Corp. (TSX VENTURE: NKL) announce that their respective shareholders have approved the arrangement transaction whereby PCNC will acquire the Lynn Lake and Wellgreen nickel properties from Prophecy.
The votes were tabulated during separate shareholder meetings held by Prophecy and PCNC earlier today. 98.17% of Prophecy shares and 74.64% of PCNC shares present in person or by proxy at the respective shareholder meetings supported the arrangement transaction. In connection with the arrangement, shareholders of Prophecy also approved a change of name to 'Prophecy Coal Corp.', and shareholders of PCNC also approved a 10:1 share consolidation. It is expected the name change and share consolidation will be effected shortly after the completion of the arrangement. Completion of the arrangement remains subject to approvals from the British Columbia Supreme Court and the TSX Venture Exchange. Prophecy will seek final approval from the B.C. Supreme Court for the Arrangement at a hearing to be held on June 2, 2011 with arrangement completion date on or before June 9, 2011. The Prophecy shareholder meeting was also an annual general meeting, and shareholders of Prophecy also elected the directors and appointed Smythe Ratcliffe as auditors for the ensuing year as outlined in the management information circular accompanying the meeting. Details on the arrangement, as well as the additional items of business conducted at the Prophecy and PCNC shareholder meetings, can be reviewed in the following joint news releases issued by the Companies: January 18, 2011, February 17, 2011 and April 4, 2011, and in the joint management circular prepared by the Companies dated April 28, 2011. |
