Prophecy Development Corp.
(formerly Prophecy Coal Corp.)
Background:

Prophecy Development Corp. primarily engages in the acquisition, exploration, and development of coal properties in Mongolia. It principally has a 100% interest in the Ulaan Ovoo coal property covering an area of approximately 790 hectares located in Selenge province, Northern Mongolia; a 100% interest in the Chandgana Tal coal property located in the Nyalga coal basin, Mongolia; and a 100% interest in the Khavtgai Uul coal property comprising approximately 1,636 hectares located in the Nyalga coal basin, Mongolia. The company also holds interest in the Okeover copper-molybdenum property located in British Columbia and Titan vanadium-titanium-iron project located in Ontario in Canada; and Pulacayo-Paca silver-lead-zinc property located in south western Bolivia. In addition, it is developing Chandgana power plant, a 600MW coal-fired project in central Mongolia. The company was formerly known as Prophecy Coal Corp. and changed its name to Prophecy Development Corp. in January 2015. Prophecy Development Corp. is headquartered in Vancouver, Canada.

INCORPORATED: in British Columbia Nov. 6, 1978, as Banbury Gold Mines Ltd.; name changed to Enerwaste Minerals Corp. July 3, 1992; to Universal Gun-Loc Industries Ltd. Dec. 17, 1993; to UGL Enterprises Ltd. Apr. 24, 2002; to Red Hill Energy Inc. May 29, 2006; and to Prophecy Resource Corp. Apr. 16, 2010, in connection with a plan of arrangement involving the company, its securityholders, Prophecy Resource Corp. (Old Prophecy) and its securityholders, and Elissa Resources Ltd., a wholly owned subsidiary of the company. Name changed from Prophecy Resource Corp. to Prophecy Coal Corp. June 14, 2011; and to Prophecy Development Corp. Jan. 5, 2015. Under the plan of arrangement, which was completed on Apr. 16, 2010, the company transferred Canadian Dollar 1,000,000 and its non-coal assets to Elissa in exchange for that number of Elissa Common shares which was equal to the number of shares of the company issued and outstanding multiplied by 0.25; the Elissa Common shares were distributed to the company's shareholders; the company created a new class of shares, the Class A shares; shareholders of the company received 0.92 Class A share for each Common share of the company and shareholders of Old Prophecy received one Class A share for each Common share of Old Prophecy; each stock option and warrant of the company was amended to entitle the holder to receive 0.92 Class A share and each stock option or warrant of Old Prophecy was exchanged for an option or warrant to acquire one Class A share; and Old Prophecy amalgamated with 0875512 B.C. Ltd., a wholly owned subsidiary of the company, to form Prophecy Holdings Inc. The company issued 29,984,866 shares as consideration for 100% of the outstanding share capital of Old Prophecy. Old Prophecy was incorporated in British Columbia Feb. 9, 2006.

SUBSIDIARIES:

0912601 B.C. Ltd.
0912603 B.C. Ltd.
1420 PSR PTE. LTD
Chandgana Coal LLC
Prophecy Power Generation LLC
Red Hill Mongolia LLC

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