Powertech Announces Private
POWERTECH URANIUM CORP. ("Powertech"
or the "Company") (Vancouver, B.C.) is pleased to announce that,
subject to regulatory approval, it has arranged a non-brokered private
placement financing (the "Financing") of up to 15 million
units (each, a "Unit") at a price of $0.10 per Unit for gross
proceeds of up to $1.5 million. The Units will be issued to a strategic group
of investors. Each Unit consists of one common share of the Company (each, a "Share")
and one share purchase warrant (each, a "Warrant"). One
Warrant entitles the holder thereof to purchase one additional Share of the
Company at a price of $0.20 per Share for a period of three years from closing
of the Financing.
The proceeds of Financing will be used for working capital and to continue the
permitting process for the Dewey Burdock Project.
Although the private placements will be non-brokered, the Company may pay a
finder's fee in accordance with the rules and policies of the TSX. The private
placements remain subject to the approval of the TSX. All securities issued
pursuant to the private placements will be subject to a four month hold period.
About Powertech Uranium Corp.
Powertech Uranium Corp. 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.