VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) -Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) is pleased to announce the closing of the non-brokered private placement previously announced on November 1, 2011 and increased on November 3, 2011. The Company has issued 3,709,489 common shares for total gross proceeds of $10,015,620.30.

Insiders and Company management subscriptions accounted for approximately 25% of the placement. Finder's fees of 6% of the proceeds placed, payable in cash, were paid on portions of the placement.

The shares issued are subject to a hold periods expiring on March 16, 2012 and March 17, 2012. Proceeds of the placement will be applied to the Company's flagship PGM-Ni-Cu Wellgreen project in the Yukon and its other properties, in addition to general working capital.