Loading ...TORONTO (miningweekly.com) – Vancouver-based Prophecy Coal on Wednesday announced that it had agreed to buy two of TSX-V-listed Apogee Silver’s subsidiaries in order to acquire the Pulacayo-Paca silver/lead/zinc mine, in Bolivia.
Prophecy Coal has a diverse portfolio of projects including coal mining and thermal power generation assets in Mongolia, as well as vanadium, molybdenum and copper exploration projects in Canada. The transaction would open the door for it to become a high-grade silver producer in the not too distant future.
Under a binding letter of intent, Prophecy would pay Apogee $250 000 in cash and issue to Apogee 60-million Class B convertible nonvoting shares.