07:24:44 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Powertech Uranium Corp
Symbol PWE
Shares Issued 152,946,133
Close 2014-10-21 C$ 0.035
Market Cap C$ 5,353,115
Recent Sedar Documents

Powertech Uranium gains TSX approval for Azarga merger

2014-10-22 08:10 ET - News Release

Mr. Richard Clement reports

POWERTECH URANIUM CORP.: TSX CONDITIONALLY APPROVES MERGER WITH AZARGA RESOURCES

Powertech Uranium Corp. has received conditional approval from the Toronto Stock Exchange to complete the merger with Azarga Resources Ltd. and also for the previously announced $5.0-million private placement.

The TSX has notified the company of its conditional approval for the acquisition of all of the issued and outstanding common shares of Azarga Resources in exchange for common shares of Powertech pursuant to the share purchase agreement dated Feb. 25, 2014, and subsequently amended.

Concurrently, the TSX conditionally approved the company's $5.0-million private placement (see the company's press release dated Sept. 10, 2014). The company received conditional approval to issue up to 84 million units at a price of six cents per unit pursuant to the financing. Units consist of one common share of the company and one-half of a share purchase warrant. The funds related to the $5.0-million private placement have been received and will be held in escrow for release on completion of the proposed transaction. The securities to be issued pursuant to the financing will be subject to a hold period of four months and one day from the date of issuance, and a finder's fee will be paid on certain subscriptions in connection with the financing.

The transaction, including a name change to Azarga Uranium Corp., was approved by the shareholders of Powertech at the annual general and special meeting of shareholders held on June 30, 2014 (see the company's press release dated June 30, 2014). Completion of the transaction remains subject to standard closing conditions.

The company, subject to final approval of the TSX, will also complete a share consolidation on the basis of one new common share for every existing 10 common shares on close of the transaction and the financing. The consolidation is intended to enhance the marketability of the common shares as an investment postclose of the transaction and the financing.

A subsequent announcement will be made to advise shareholders of the closing of the transaction, the financing and the consolidation.

We seek Safe Harbor.

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