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Powertech Announces Conversion of Debt and Closing of Private Placement
Published : November 07, 2012
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Keywords :   Belgium | Finders | Powertech Uranium | Uranium |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 6, 2012) - POWERTECH URANIUM CORP. ("Powertech" or the "Company") (Vancouver, B.C.) (News - Market indicators)(FRANKFURT:P8A) and Société Belge de Combustibles Nucléaires SA ("Synatom") (Brussels, Belgium) are pleased to announce that Powertech elected to prepay an unsecured non-interest bearing promissory note in the principal amount of $7.5 million (the "Note") issued to Synatom on March 15, 2011. In accordance with the terms of the Note, it was repaid by the issuance of 12,500,000 common shares in the capital of Powertech (the "Conversion Shares") at a price of $0.60 per Conversion Share.

In addition, Powertech announces that it has completed its previously announced non-brokered private placement financing (the "Financing") of 10 million units (each, a "Unit") at a price of $0.10 per Unit for gross proceeds of $1 million. Each Unit consisted of one common share of the Company (each, a "Share") and one-half of one share purchase warrant (each, a "Warrant"). One whole Warrant entitles the holder thereof to purchase one additional Share at a price of $0.20 per Share for a period of one year from closing of the Financing. Insiders of the Company purchased an aggregate of 6,250,000 Units.

The proceeds of Financing will be used for working capital and to continue the permitting process for Dewey Burdock.

The securities issued in connection with the closing of the Financing are subject to a restricted period that expires on March 7, 2013. 

The Company did not pay any finders' fees with respect to the Financing.

The Conversion Shares issued to Synatom represent 9.9% of the outstanding Shares, calculated on a non-diluted basis but including the Shares sold by Powertech in the Financing. After the acquisition of the 12,500,000 Conversion Shares referred to above, Synatom holds 23,390,000 Shares, representing approximately 18.6% of the outstanding Shares (calculated on a non-diluted basis but including the Shares issued in the Financing). Synatom does not hold any other securities of Powertech.

About Société Belge de Combustibles Nucléaires Synatom SA

Synatom is subsidiary of Electrabel (www.electrabel.com), a leading European energy company which has become the largest power company in the Benelux market with a generating capacity of more than 11,000 MW (Electrabel's share). Electrabel is 100% owned by GDF Suez an international industrial and services group (www.gdfsuez.com). Synatom manages the fuel cycle for the Belgian nuclear power plants, including:

  • the fuel cycle front-end management, i.e., the supply with enriched uranium of the seven nuclear power units with an annual production of around 45 TWh; and
  • the fuel cycle back-end management, i.e., the management of all activities in connection with spent nuclear fuel.

In addition, Synatom manages the reserves for the costs related to spent fuel and the future dismantling of nuclear power plants. Synatom's 2011 turnover amounted to 280 million Euros. For more information, see www.synatom.com.

For further information on Synatom, please contact:
Robert Leclère, CEO Synatom
+ 32 2 505 07 11

POWERTECH URANIUM CORP.

Richard F. Clement Jr., President & CEO    

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Powertech Uranium Corp.
Thomas A. Doyle
CFO, VP Finance
(604) 685-9181
info@powertechuranium.com
www.powertechuranium.com
Data and Statistics for these countries : Belgium | All
Gold and Silver Prices for these countries : Belgium | All
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Powertech Uranium Corp.

EXPLORATION STAGE
CODE : PWE.TO
ISIN : CA7393691067
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Annual reports of Powertech Uranium Corp.
2008 Annual report
Annual Report 2007
Annual Report 2006
Financings of Powertech Uranium Corp.
2/28/2013Announces Closing of Private Placement
2/13/2013Announces Private Placement
11/7/2012Announces Conversion of Debt and Closing of Private Placemen...
10/26/2012Announces Private Placement
3/15/2011Closes Unit Offering and Refinancing Transaction
7/29/2008POWERTECH SHAREHOLDERS ELECT SYNATOM OFFICERS TO BOARD AND A...
Nominations of Powertech Uranium Corp.
5/10/2011Announces Resignation
3/2/2011Announces Pricing of Public Offering
2/21/2008Appoints Wallace M. Mays Chief Operating Officer
2/11/2008APPOINTS JOHN MAYS VICE PRESIDENT ENGINEERING
1/23/2008 APPOINTS DR. JAMES MUNRO AS SENIOR PROCESS DESIGN ENGINEER
Project news of Powertech Uranium Corp.
2/28/2014to Merge with Azarga Resources Limited to Create Azarga Ura...
3/21/2013Receives Safety Evaluation Report For The Dewey-Burdock Proj...
8/20/2010(Centennial)Receives Positive Results From Independent Preliminary Econo...
7/8/2010(Dewey Burdock) Receives Positive Results on Dewey-Burdock Project
4/1/2010(Dewey Burdock)Submits Permit Application to Epa for Deep Well Injection at...
10/26/2009(Dewey Burdock)Submits BLM Application Dewey-Burdock Project
10/7/2009(Dewey Burdock)Dewey-Burdock Project Application Accepted by NRC
8/12/2009(Dewey Burdock)Resubmits Dewey-Burdock NRC License Application
7/8/2009(Centennial)Options additional property at centennial
6/23/2009(Dewey Burdock)Significant Increases In Inferred Uranium Resources At Dewey...
6/17/2009(Dewey Burdock)To amend Dewey-Burdock NRC license application
2/26/2009(Dewey Burdock) Submits Nrc License Application, Achieves Key Milestones At...
1/15/2009(Dewey Burdock)SUBMITS UIC PERMIT APPLICATION AT DEWEY-BURDOCK
1/13/2009(Dewey Burdock)ACQUIRES ADDITIONAL LAND AT DEWEY-BURDOCK
8/6/2008(Dewey Burdock)DEWEY-BURDOCK PROJECT MINE PERMIT APPLICATION STATUS
2/27/2008(Dewey Burdock)COMPLETES 10 HOLE CORING PROGRAM AT DEWEY-BURDOCK PROJECT
1/31/2008(Dewey Burdock) Dewey Burdock Drilling Update
12/10/2007(Centennial)Centennial Drilling Update
10/30/2007(Centennial)Centennial Project - Mine Permiting Update
Corporate news of Powertech Uranium Corp.
2/14/2014South Dakota Legislative Committee Defeats Anti-Powertech Bi...
1/30/2014NRC Publishes Final Supplemental Environmental Impact Statem...
10/21/2013Board Approves Premium Financing Facility With Azarga Resour...
8/1/2013Enters Into Agreements With Strategic Investor
8/1/2013Enters Into Agreements With Strategic Investor
4/4/2013NRC Revises Schedule for Final Suplemental Enviromental Impa...
3/21/2013News Release
1/7/2013Receives Second Draft Uranium Recovery License From NRC
1/7/2013News Release
11/20/2012Receives Draft Supplemental Environmental Impact Statement f...
8/1/2012Powertech News Release
8/1/2012Receives Draft Uranium Recovery License From NRC
6/25/2012News Release
6/25/2012(Aladdin)Completes NI 43-101 Report on the Aladdin Project
5/16/2012Announces Results From Annual General Meeting
5/16/2012News Release
4/19/2012Revised PEA Shows NPV of US $109 Million and IRR of 48% for ...
7/5/2011Announces Termination of Diehl and Varra Option Agreements
6/3/2011Announces Results From Annual And Special Meeting
5/9/2011Powerttech News Release
3/3/2011Obtains Receipt For Final Prospectus
3/3/2011News Release
2/9/2011Announces Filing of Preliminary Prospectus
2/9/2011Poweretech News Release
6/30/2010Announces Drawdown Of Fourth Tranche Of $13.8 Million Loan F...
4/1/2010Announces Drawdown of Third Tranche of $13.8 Million Loan Fa...
12/2/2009Announces Drawdown of Second Tranche of $13.8 Million Loan F...
10/15/2009 Enters into $13,8 Million loan facility with Synatom
10/7/2009NRC Application Accepted
8/4/2009Synatom Agrees To Make Additional Strategic Investment In Po...
7/23/2009Retains Axemen Resource Capital Ltd.
2/12/2009CLOSES SECOND STRATEGIC INVESTMENT BY SYNATOM
2/5/2009SHAREHOLDERS APPROVE SYNATOM DEBENTURE
12/22/2008SYNATOM AGREES TO MAKE ADDITIONAL STRATEGIC INVESTMENT IN PO...
12/12/2008ACQUIRES ADDITIONAL LANDS IN SOUTH DAKOTA AND WYOMING
12/2/2008CORPORATE UPDATE
6/5/2008Closes Strategic Investment By Synatom
6/4/2008SYNATOM MAKES STRATEGIC INVESTMENT IN POWERTECH
1/14/2008ANNOUNCES CHANGES TO BOARD OF DIRECTORS
1/11/2008EXPANDS MANAGEMENT TEAM - OPENS NEW OFFICES IN GREENWOOD VIL...
1/9/2008ALADDIN PROJECT- DRILLING UPDATE
10/31/2007Lists on the TSX
8/20/2007Acquires Plum Creek Project in South Dakota
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TORONTO (PWE.TO)FRANKFURT (P8A.F)
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