TORONTO (miningweekly.com) – TSX-V-listed precious metals explorer Prophecy Platinum, which is focused on developing its Wellgreen platinum group metals (PGMs)/nickel/copper project, located in Canada’s Yukon Territory, on Wednesday said it had changed its name to Wellgreen Platinum, in anticipation of making the progression from being an explorer to that of developer.

The company said its trading symbol would be ‘WG’ on the TSX-V, and ‘WGPLF’ on the US over-the-counter market. These changes were expected to take effect at market open on Thursday.

"With the end of what has been a transformative and productive year approaching, the company has seen a significant restructuring of our shareholder base, a change in our board, and renewed focus and technical progress on our flagship Wellgreen project.

“With a number of important milestones anticipated in 2014, we believe this is the right time to make a change in our corporate identity as we move from an exploration-stage company, to a development-stage company, with a focus on PGMs and our core Wellgreen project, one of the largest undeveloped platinum and palladium resources in the world," president and CEO Greg Johnson said.

Meanwhile, at the company’s recent annual general meeting, shareholders approved a motion to establish a board of five directors, and a share-based compensation plan was approved by about 80% of votes cast by disinterested shareholders.

The five directors of the company are Wesley Hall, Greg Johnson, Myron Manternach, Jeffrey Mason and Mike Sylvestre. Mining engineer and experienced senior mining executive Sylvestre was appointed chairperson.

Directors Harald Batista, Greg Hall and John Lee stepped down.

The company has also changed its financial year-end from March 31, to December 31, to allow it to provide continuous disclosure information on a comparable basis with its industry peer group.

With its estimated output of seven-million ounces of PGM and gold, as well as two-billion pounds of nickel and two-billion pounds of copper, the Wellgreen deposit ranks as the third-largest undeveloped PGM resource outside of southern Africa or Russia.