(EnergyAsia, March 8 2012, Thursday) — Canada’s Prophecy Coal Corp, which is developing coal and power projects in Mongolia, said it has raised US$9 million from the sale of 20 million shares at US$0.45 through a non-brokered private placement.

The Vancouver, British Columbia-based company said it paid a finder’s fee for the deals in accordance with the Toronto Stock Exchange rules even though the bulk of the shares were sold to insiders and shareholders.

The proceeds of the successful placement will help pay for technical work required to advance the Chandgana Thermal Coal Power project in Mongolia and be used for general working capital.

In a related moved, Prophecy said it remains debt free after closing out US$7 million in credit facilities on December 30 2011 and paying off the US$800,000 balance.