Click here to close now.




















Welcome!

News Feed Item

Powertech Announces Shareholders Approve Merger to Create Azarga Uranium Corp.

VANCOUVER, BC -- (Marketwired) -- 06/30/14 -- Powertech Uranium Corp. ("Powertech" or the "Company") (TSX: PWE) (FRANKFURT: PSA) announces that Powertech's shareholders have voted in favour of the proposed business combination between Powertech and Azarga Resources Limited ("Azarga Resources"), pursuant to which Powertech will acquire Azarga Resources (the "Transaction"). The combined company will be renamed Azarga Uranium Corp. ("Azarga Uranium"). Shareholders also voted to reconstitute the Company's board of directors (the "Board"), adding representatives of Azarga Resources to the Board.

"We believe it made perfect sense to combine with our largest shareholder, Azarga. We are pleased that the vast majority of shareholders agree. Azarga Uranium will be a larger and more diversified organization which we believe will be a strong benchmark proposition for investment in the uranium sector," stated Richard Clement, CEO of Powertech.

At Powertech's annual general and special meeting of shareholders held earlier today, a total of 27.61% of the Company's outstanding shares were voted in person or by proxy. The special resolution pertaining to the Transaction was approved by 99.92% of the total votes cast and, as required by applicable securities laws, by a majority of the votes cast by disinterested shareholders.

Shareholders also voted in favor of a reconstitution of the Board in anticipation of the expected closing of the Transaction, by electing certain representatives of Azarga Resources to the Board. The number of directors was set at seven persons. The elections of Richard Clement, Douglas Eacrett, Matthew O'Kane and Apolonius Strujik were effective as of the completion of the Meeting and the elections of Curtis Church, Joseph Havlin and Alexander Molyneux will be effective as of the closing of the Transaction. Alexander Molyneux will be appointed Chairman and Richard Clement will remain CEO. A breakdown of the votes with respect to the election of each director is as follows:


----------------------------------------------------------------------------
                                                     % of "Withheld" Votes
    Director Name      % of "For" Votes Received            Received
----------------------------------------------------------------------------
   Richard Clement               99.94%                      0.06%
----------------------------------------------------------------------------
   Douglas Eacrett               99.94%                      0.06%
----------------------------------------------------------------------------
   Matthew O'Kane                99.94%                      0.06%
----------------------------------------------------------------------------
  Apolonius Strujik              99.94%                      0.06%
----------------------------------------------------------------------------
    Curtis Church                99.94%                      0.06%
----------------------------------------------------------------------------
    Joseph Havlin                99.94%                      0.06%
----------------------------------------------------------------------------
 Alexander Molyneux              99.94%                      0.06%
----------------------------------------------------------------------------

The closing of the Transaction is conditional on receipt of various required approvals, including approval of the Toronto Stock Exchange. Assuming receipt of the final approvals, it is anticipated that the Transaction will close on or about July 31, 2014.

Results of Other Matters Considered at the Meeting

The Company is pleased to report that all other matters to be considered at the Meeting, as further described in the Company's information circular dated May 13, 2014, were also approved at the Meeting, including: (i) the appointment of BDO Canada LLP as auditors of the Company for the forthcoming year; (ii) the settlement of outstanding debt in the aggregate amount of $176,404 owing for deferred compensation in consideration of the issuance of 2,977,970 common shares of Powertech (which was approved by a majority of disinterested shareholders of the Company); and (iii) the Company's 2014 stock option plan. For further information, please the Company's Report of Voting Results, which will be filed on SEDAR at www.sedar.com.

About Powertech Uranium Corp.

Powertech is a mineral exploration and development company that, through its South Dakota-incorporated subsidiary, Powertech (USA), Inc., has holdings including the Dewey-Burdock Uranium Deposit in South Dakota, the Centennial Project in Colorado, and Dewey Terrace and Aladdin Projects in Wyoming. For more information please visit http://www.powertechuranium.com

Disclaimer for Forward-Looking Information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Transaction and the Company's potential to be a strong proposition for investment in the uranium sector upon the Transaction's completion. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to the future financial or operating performance of the Company and its mineral projects, the estimation of mineral resources, the timing and amount of estimated future production and capital, operating and exploration expenditures. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect, including that permits required for the Company's operations will be obtained in a timely basis, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of uranium will be at levels that render the Company's mineral projects economic and that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the risk that the Company does not complete the proposed Transaction, (2) a downturn in general economic conditions in North America and internationally, (3) the inherent uncertainties and speculative nature associated with uranium exploration, including the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents or other risks of the mining industry, (4) a decrease in the demand for and/or a decrease in the price of uranium, (5) an increase in the operating costs associated with the extraction and processing of the uranium, (6) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (7) the risk that the Company does not execute its business plan, (8) inability to retain key employees, (9) inability to finance operations and growth, (10) any change in the law, regulatory or political environment which would negatively affect the Company's operations or its ability to obtain all necessary environmental and regulatory approvals, licenses and permits, including Toronto Stock Exchange approval of the Transaction, (11) an increase in the number of competitors with larger resources, and (12) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's most recent MD&A filed with Canadian security regulators.

For further information, please contact:

John Mays
Chief Operating Officer
Powertech (USA) Inc.
(303) 790-7528

Mark Hollenbeck
Dewey-Burdock Project Manager
Powertech (USA) Inc.
(605) 685-3376

Email: Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"We have been in business for 21 years and have been building many enterprise solutions, all IT plumbing - server, storage, interconnects," stated Alex Gorbachev, President of Intelligent Systems Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We specialize in testing. DevOps is all about continuous delivery and accelerating the delivery pipeline and there is no continuous delivery without testing," noted Marc Hornbeek, Sr. Solutions Architect at Spirent Communications, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
"Alert Logic is a managed security service provider that basically deploys technologies, but we support those technologies with the people and process behind it," stated Stephen Coty, Chief Security Evangelist at Alert Logic, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to tran...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...