POWERTECH URANIUM CORP. (“
Powertech” or the “
Company”) today announces that it has applied to the Toronto Stock Exchange (the “
TSX”) for an amendment to the terms of the 5,000,000 warrants (each, a “
Warrant”) issued in connection with the Company’s private placement that closed in November 2012. The Company proposes to extend the expiry date of the Warrants from November 6, 2013 to November 6, 2014. All other terms of the Warrants, including the exercise price of $0.20, will remain the same. The extension of the expiry date is subject to the approval of the TSX.
Of the above, 750,000 Warrants are held by Azarga Resources Limited (“
Azarga”), a holder of more than 10% of the outstanding common shares of the Company, and 125,000 Warrants are held by Malcolm Clay, a director of the Company. In accordance with the policies of the TSX, the extension of these warrants is subject to the approval of the disinterested shareholders of the Company, which will be sought at a special meeting of the shareholders to be held on December 18, 2013. None of the Warrants held by Azarga or Mr. Clay may be exercised until such shareholder approval is received. Assuming the approval of the TSX is received, the extension of all other Warrants will be effective as of November 15, 2013.
About Powertech
Powertech is a mineral exploration and development company that, through its Denver-based subsidiary, Powertech (USA), Inc., holds the Dewey-Burdock Uranium Deposit in South Dakota, the Centennial Project in Colorado and the Dewey Terrace and Aladdin Projects in Wyoming. The Company’s key personnel have in-situ uranium experience throughout the United States and worldwide. For more information, please visit
http://www.powertechuranium.com.
For further information, please contact:
Per: “Richard F. Clement”
Richard F. Clement Jr.
President & CEO
Phone : (505) 821-6007
Email : info@powertechuranium.com
|
|
|
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.