Prophecy Platinum Changes Name to Wellgreen Platinum and Announces
Results of 2013 AGM
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 18, 2013) -
Prophecy Platinum Corp. (TSX-VENTURE:NKL)(OTCQX:PNIKF) (the
"Company") is pleased to announce that its name will change to
Wellgreen Platinum Ltd. effective tomorrow. The trading symbol for
the common shares of the Company will be "WG" on the TSX Venture
Exchange and "WGPLF" on the US OTCQX market. These changes are
expected to take effect at market open on Thursday, December 19th,
2013.
"With the end of what has been a transformative and productive
year approaching, the Company has seen a significant restructuring
of our shareholder base, a change in our Board of Directors, and
renewed focus and technical progress on our flagship Wellgreen
project. With a number of important milestones anticipated in 2014,
we believe this is the right time to make a change in our corporate
identity as we move from an exploration stage company to a
development stage company with a focus on platinum group metals and
our core Wellgreen project, one of the largest undeveloped platinum
and palladium resources in the world," stated the Company's
President and Chief Executive Officer, Greg Johnson.
In addition, the Company is pleased to announce the voting
results of its recent annual general and special meeting of
shareholders ("AGM"), which was held on December 17, 2013. The
business items of setting the size of the Board at five, voting for
each of the management-nominated directors and the appointment of
the Company's auditor were all approved by over 99% of votes cast,
while the share-based compensation plan was approved by
approximately 80% of votes cast by disinterested shareholders.
Shareholder participation was very strong, with approximately 65%
of our outstanding shares having been voted at the AGM.
The five directors of the Company elected at the AGM are: Wesley
J, Hall; Greg Johnson; Myron Manternach; Jeffrey R. Mason; and Mike
Sylvestre.
The Company wishes former directors, Harald Batista, Greg Hall
and John Lee, well in their future endeavours.
Following the AGM, the Board appointed Mike Sylvestre (P. Eng.),
a director since February 3, 2012, as Chairman of the Board. Mr.
Sylvestre is a professional mining engineer and experienced senior
mining executive with a track record of directing major mining
operations, both domestically and internationally, over his 35+
year career. Mr. Sylvestre has held a number of senior executive
management positions including CEO of Vale Inco New Caledonia,
President of Vale Inco Manitoba and VP Operations of PT Inco
Indonesia. Mike is a recent graduate of the Institution of
Corporate Directors Program at the Rotman School of Management in
Toronto, Ontario.
Greg Johnson further stated, "We are very pleased to have Mike
assume the role of Chairman of the Board during this very important
period of the Company's continued advancement toward production. We
believe that the composition of the new Board of Directors reflects
the recent restructuring of our shareholder base and has the right
complement of industry expertise and corporate governance
experience to guide the Company through an exciting period of
growth. We appreciate the high level of shareholder participation
and support this year and look forward to continuing to work
closely with our shareholders as our management and technical team
strives to maximize the value and potential of our promising
portfolio of platinum group metals focused projects during a period
of very strong fundamentals in the PGM sector."
The Company has also changed its financial year end from March
31 to December 31 to allow it to provide continuous disclosure
information on a comparable basis with its industry peer group. The
Company's next filing of financial information under the new
financial year end will be the audited consolidated financial
statements of the Company for the financial year ended December 31,
2013, which will be filed via SEDAR on or before April 30, 2014. A
Notice of Change in Year End has been filed by the Company via
SEDAR and is available under the Company's SEDAR profile at
www.sedar.com.
Further information about the Company and our projects can be
found at www.wellgreenplatinum.com.
About Wellgreen
Platinum
Based in Vancouver, Canada, Wellgreen Platinum Ltd. is a
platinum group metals focused exploration and development company
with advanced projects in the Yukon Territory, Ontario, and
Manitoba, Canada. Our 100% owned Wellgreen PGM-Ni-Cu project,
located in the Yukon, is one of the world's largest undeveloped PGM
deposits and one of the few significant PGM deposits outside of
southern Africa or Russia. Our Shakespeare PGM-Ni-Cu project is a
fully-permitted, production-ready brownfield mine located in the
well-established Sudbury mining district of Ontario, and our Lynn
Lake project is a former operating mine located in Manitoba,
Canada.
Our experienced management team has an extensive track record of
successful, large-scale project discovery, development, permitting,
operations and financing combined with an entrepreneurial approach
to sustainability and collaboration with First Nations and
communities.
Effective as of market open on December 19, 2013, our shares
will trade on the TSX Venture Exchange under the symbol "WG", and
on the US OTCQX market under the symbol "WGPLF".
Further information about the Company and our projects can be
found at www.wellgreenplatinum.com.
Forward-Looking Information: This news release includes certain
information that may be deemed "forward-looking information".
Forward-looking information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. All information in this release, other than
information of historical facts, including, without limitation, the
potential of the Wellgreen project, the timing and success of
exploration activities generally, and general future plans and
objectives for the Wellgreen and Shakespeare projects are
forward-looking information that involve various risks and
uncertainties. Although the Company believes that the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such expectations are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking information.
Forward-looking information is based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from the forward-looking information include
unsuccessful exploration results, changes in project parameters as
plans continue to be refined, results of future resource estimates,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
uninsured risks, regulatory changes, defects in title, availability
of personnel, materials and equipment on a timely basis, accidents
or equipment breakdowns, delays in receiving government approvals,
the Company's ability to maintain the support of stakeholders
necessary to develop the Wellgreen project, unanticipated
environmental impacts on operations and costs to remedy same, and
other exploration or other risks detailed herein and from time to
time in the filings made by the Company with securities regulatory
authorities in Canada. Readers are cautioned that mineral resources
that are not mineral reserves do not have demonstrated economic
viability. Mineral exploration and development of mines is an
inherently risky business. Accordingly, actual events may differ
materially from those projected in the forward-looking information.
For more information on the Company and the risks and challenges of
our business, investors should review our annual filings which are
available at www.sedar.com. The Company does not undertake to
update any forward looking information, except in accordance with
applicable securities laws.
"Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Prophecy Platinum Corp.Greg JohnsonPresident &
CEO1-888-715-7528Prophecy Platinum Corp.Rob BruggemanVP Corporate
Development905-278-6801 or 416-884-3556Prophecy Platinum Corp.Chris
AckermanManager, Corporate
Communications604-569-3690cackerman@wellgreenplatinum.comwww.wellgreenplatinum.com
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