Prophecy Platinum to Close $7.25 Million Placement July 31

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) -

Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) reports pursuant to press releases dated June 21 and June 25, 2012, the Company has amended and scheduled today to close non-brokered private placement of units (each a "Unit") and flow through shares (each a "FT Share") totaling $7.25 million.

5,067,208 Units will be sold at a price of $1.20 per Unit to generate gross proceeds of approximately $6,080,650. Each Unit comprises of one common share and a half (1/2) share purchase warrant valid for 2 years. One whole warrant will entitle the holder thereof to acquire one additional common share at a price of $1.50 per share in the first year and $2.00 per share in the second year. The warrants are subject to 30 day accelerated conversion if the closing price of the Company's shares on the TSX Venture Exchange is $2.80 or above for a period of 10 consecutive days.

807,655 FT Shares will be sold at a price of $1.45 per FT Share to generate gross proceeds of approximately $1,171,100.

Finder's fees may be payable in connection with the financing in accordance with the policies of the TSX Venture Exchange. The placement is subject to the receipt of TSX Venture Exchange approval and any regulatory approvals.

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.