Aug 26 (Reuters) - Prophecy Development Corp PCY.TO :
* PROPHECY DEVELOPMENT CORP ANNOUNCES $2.6 MILLION PRIVATE PLACEMENT
* PROPHECY DEVELOPMENT CORP - UNDERTAKING NON-BROKERED PRIVATE PLACEMENT INVOLVING ISSUANCE OF 13 MILLION COMMON SHARES OF CO AT $0.20/SHARE
* PROPHECY DEVELOPMENT CORP - CO MANAGEMENT AND DIRECTORS WILL SUBSCRIBE 2 MILLION SHARES OF PLACEMENT
* PROPHECY DEVELOPMENT CORP - PROCEEDS OF PLACEMENT ARE EXPECTED TO BE USED TO DEVELOP PROPHECY'S MINERAL PROJECTS