Business
Mackie Research Updates Coverage and Speculative Buy Recommendation on Prophecy Platinum - Video Posted on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2013) - Investment firm Mackie Researc...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\nMackie Research Updates Coverage and Speculative Buy Recommendation on Prophecy Platinum - Video Posted on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - June 26, 2013) - Investment firm Mackie Research has updated coverage on Prophecy Platinum (TSXV: NKL) (OTCQX: PNIKF). Following the announcement that the company had completed a $5.9 million private placement, analyst Matt O'Keefe re-iterated his speculative buy rating, maintaining his $3.00 price target, a healthy premium of 362% to the $0.65 price the day the report was issued. InvestmentPitch.com has produced a \"video news alert\" based on this report. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Prophecy Platinum\" in the search box.If you cannot view the video above, please visit:http://www.investmentpitch.com/video/0_486hyj4t/The private placement was priced at $0.70 per unit, with each unit consisting of one flow-through common share and one warrant to purchase one regular common share at a price of $0.90 for a period of 24 months.These funds will allow Prophecy Platinum to continue work on its 100% owned Wellgreen project located in Yukon, Canada. On the balance of the season, these funds should allow the team to do some limited drilling in some key areas as well as conduct more detailed metallurgical work with the goal of better understanding and improving PGM recoveries. The work will support an updated economic assessment targeted in the first half of next year.The field programs and metallurgical test work have been initiated and Prophecy plans to provide a detailed update on these programs shortly.According to Mackie Research, this project is one of the largest undeveloped nickel, copper, PGM resources in the world, with significant upside potential. In total, the deposit hosts 3.3 billion pounds of nickel, 2.5 billion pounds of copper, 213 million pounds of cobalt, 2.5 million ounces of gold, 5.7 million ounces of platinum, and 4.9 million ounces of palladium.Analyst Matt O'Keefe stated, \"In our view they need about $20 million and 18 - 24 months to deliver a robust pre-feasibility study.\"The shares are currently trading at $0.62, well below Mackie Research's target price of $3.00, and with 77.2 million shares outstanding, the company is capitalized at $47.9 million.For more information, please visit the co...