=======================================================================
News Release - Tuesday, February 08, 2011
Powertech Announces Filing of Preliminary Prospectus
=======================================================================
POWERTECH URANIUM CORP. ("Powertech" or the "Company") (Vancouver,
B.C.) is pleased to announce that it has filed a preliminary prospectus
with the securities regulatory authorities in the provinces of British
Columbia, Alberta, and Ontario in connection with a minimum $17.5
million proposed offering (the "Offering"). The Offering will be
comprised of units (the "Units"), each Unit to consist of one common
share of the Company and one-half of one common share purchase warrant.
Each whole warrant (a "Warrant") will entitle the holder to purchase
one common share of the Company for a period of two years following the
closing of the Offering.
The number of Units to be offered, the price per Unit and the exercise
price of the Warrants will be determined in the context of the market
prior to the filing of the final prospectus.
Powertech has entered into an agreement with a syndicate of agents led
by Salman Partners Inc. and including Dundee Securities Ltd. (the
"Agents") in respect of the Offering. The Offering is subject to
certain conditions, including shareholder and regulatory approval.
In addition, the Company will grant to the Agents an over-allotment
option to purchase up to that number of additional Units equal to 15%
of the number of Units sold pursuant to the Offering, exercisable at
any time up to 30 days from the closing of the Offering.
The Company intends to use the net proceeds from the Offering to
complete the initial $12.5 million payment to Soci�t� Belge de
Combustibles Nucl�aires Synatom SA ("Synatom") as described in the
February 4th, 2011 press release, for the advancement of the
Dewey-Burdock Project, and for general corporate purposes.
The Units, common shares and Warrants offered have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
POWERTECH URANIUM CORP.
Per: "Richard F. Clement"
Richard F. Clement Jr.,
President& CEO
For further information, please contact:
Thomas A. Doyle, CFO, VP Finance
Phone: (604) 685-9181
Email: info@powertechuranium.com
www.powertechuranium.com
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this News Release
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements,
which reflect the expectations of management regarding the Company's
overall business development objectives and plans. 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 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. 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) any number of events
or causes which may delay, postpone or result in the inability to close
the transactions contemplated in this news release,(2) the risk that
the Company does not execute its business plan, (3) inability to
finance operations and growth, (4) inability to obtain all necessary
environmental and regulatory approvals, and (5) other factors beyond
the Company's control. These forward-looking statements are made as of
the date of this news release and 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 MD&A filed with Canadian security regulators.
=======================================================================
Copyright (c) 2011 POWERTECH URANIUM CORP. (PWE) All rights reserved.
For more information visit our website at
http://www.powertechuranium.com/ or send mailto:info@powertechuranium.com
=======================================================================
.
|
Powertech Uranium Corp.
|
|
EXPLORATION STAGE |
CODE : PWE.TO |
ISIN : CA7393691067 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Powertech Uranium is a uranium development stage company based in Canada. Its main exploration properties are ALADDIN, DEWEY TERRACE, CENTENNIAL and DEWEY BURDOCK in USA. Powertech Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 5.4 millions as of today (US$ 4.7 millions, € 3.8 millions). Its stock quote reached its highest recent level on March 30, 2007 at CA$ 4.50, and its lowest recent point on October 30, 2014 at CA$ 0.04. Powertech Uranium has 152 950 000 shares outstanding. |