|By Marketwired .||
|June 19, 2014 06:48 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/19/14 -- Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce that all proposed resolutions were approved at the Company's Annual General Meeting of shareholders held on June 19, 2014 in Vancouver, British Columbia (the "Meeting"). The number of directors was set at five and all director nominees, as listed in the Management Information Circular dated May 1, 2014 (the "Information Circular"), were elected as directors of the Company at the Meeting to serve until the next annual general meeting. According to the proxies received and voted at the Meeting, the results were as follows:
Director Votes FOR(1)(2) John Lee 84.22% Greg Hall 81.80% Harald Batista 85.34% Chuluunbaatar Baz 85.20% Masa Igata 85.20%
1. There were 15,086,068 non-votes reported by the Scrutineer of the Meeting in respect of the above motion. 2. The percentages reported in this news release are calculated on the votes cast in person and by proxy at the Meeting which total 28,360,402 with respect to the above motion.
Davidson & Company LLP, Chartered Accountants have been appointed as auditors of the Company for the ensuing year and the directors have been authorized to fix their remuneration.
Ordinary resolutions of the disinterested shareholders of the Company were approved with respect to the: (i) adoption of a Share-Based Compensation Plan; (ii) the issuance of up to 2,541,065 debt settlement units to some of the Company's directors, officers, employees and consultants at a price of $0.075 per debt settlement unit; and (iii) the re-pricing of 3,250,000 incentive stock options exercisable at $0.065 granted to directors and officers of the Company, as previously announced by the Company on May 2, 2014.
An ordinary resolution of shareholders of the Company was approved with respect to amendments to the Articles of the Company to add advance notice provisions (the "Advance Notice Provisions").
A copy of the Company's amended Articles of incorporation containing the Advance Notice Provisions is available under the Company's profile on SEDAR at www.sedar.com and for viewing by shareholders at the registered and records office of the Company during regular business hours Monday through Friday.
Voting results for all resolutions noted above are reported in the Report on Voting Results as filed on SEDAR on June 19, 2014.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian company listed on the Toronto Stock Exchange engaged in developing energy projects in Mongolia. Further information on Prophecy Coal can be found at www.prophecycoal.com.
PROPHECY COAL CORP.
ON BEHALF OF THE BOARD
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