Powertech Closes Strategic Investment by Synatom
http://www.marketwire.com/mw/release.do?id=865093 [2008-6-26]
Tag : burdock series
POWERTECH URANIUM CORP. ("Powertech" or the "Company")(TSX:PWE)(FRANKFURT:P8A) is pleased to announce that it has closedthe private placement transaction with Societe Belge deCombustibles Nucleaires Synatom SA ("Synatom") as disclosed in theCompany's news release dated June 3, 2008. Pursuant to the privateplacement, the Company has issued 6,000,000 shares to Synatom andhas received proceeds of Cdn. $9 million. The Company also issued atotal of 12,000,000 warrants in two series exercisable at Cdn.$2.00 per share for terms not to exceed one year for the firstseries and two years for the second series, but also tied tomilestones for the filing and acceptance of permits at its DeweyBurdock and Centennial projects. If all warrants are exercised,Powertech will receive additional proceeds of Cdn. $24 million andtotal proceeds of Cdn. $33 million from the private placementtransaction with Synatom. The exercise of the warrants by Synatomis subject to shareholder approval being obtained for the terms andconditions of the warrants.
About Powertech Uranium Corp.
Powertech Uranium Corp. is a mineral exploration and developmentcompany that, through its Denver-based subsidiary Powertech (USA),Inc., holds the Dewey-Burdock Uranium Deposit in South Dakota, theCentennial Project in Colorado and the Dewey Terrace and AladdinProjects in Wyoming. The company's key personnel have over 200years of experience in the uranium industry throughout the UnitedStates, and have permitted more than a dozen in-situ operations forproduction.
POWERTECH URANIUM CORP. ("Powertech" or the "Company")(TSX:PWE)(FRANKFURT:P8A) is pleased to announce that it has closedthe private placement transaction with Societe Belge deCombustibles Nucleaires Synatom SA ("Synatom") as disclosed in theCompany's news release dated June 3, 2008. Pursuant to the privateplacement, the Company has issued 6,000,000 shares to Synatom andhas received proceeds of Cdn. $9 million. The Company also issued atotal of 12,000,000 warrants in two series exercisable at Cdn.$2.00 per share for terms not to exceed one year for the firstseries and two years for the second series, but also tied tomilestones for the filing and acceptance of permits at its DeweyBurdock and Centennial projects. If all warrants are exercised,Powertech will receive additional proceeds of Cdn. $24 million andtotal proceeds of Cdn. $33 million from the private placementtransaction with Synatom. The exercise of the warrants by Synatomis subject to shareholder approval being obtained for the terms andconditions of the warrants.
About Powertech Uranium Corp.
Powertech Uranium Corp. is a mineral exploration and developmentcompany that, through its Denver-based subsidiary Powertech (USA),Inc., holds the Dewey-Burdock Uranium Deposit in South Dakota, theCentennial Project in Colorado and the Dewey Terrace and AladdinProjects in Wyoming. The company's key personnel have over 200years of experience in the uranium industry throughout the UnitedStates, and have permitted more than a dozen in-situ operations forproduction.
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