Powertech Uranium Enters Into Amendment To Share Purchase AgreementJuly 31, 2014 1:42 pm
Greenwood Village, CO, Powertech Uranium Corp. (TSX:PWE) (“Powertech” or the “Company”) announces that, further to its News Release of February 26, 2014, wherein it announced that it will acquire all of the issued and outstanding common shares of Azarga Resources Limited (“Azarga”) in exchange for common shares of Powertech (the “Transaction”) pursuant to a Share Purchase Agreement dated February 25, 2014 (the “Original Agreement”), it has entered into an Amendment to Share Purchase Agreement dated July 31, 2014 with Azarga, whereby the parties agreed to amend the Original Agreement by extending the closing date from July 31, 2014 to September 15, 2014, or such other date as agreed to by the parties. In all other respects, the terms of the Original Agreement remain the same.
Closing of the Transaction remains subject to, among other things, approval of the Toronto Stock Exchange and the satisfaction of the other conditions to closing set out in the Share Purchase Agreement, as amended. The Transaction was approved by the shareholders of Powertech at the annual general and special meeting of shareholders held on June 30, 2014, as announced in the Company’s news release dated June 30, 2014.
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
POWERTECH URANIUM CORP.
Per: “Richard F. Clement”
Richard F. Clement Jr.,
For further information, please contact:
John Mays, Chief Operating Officer
Powertech (USA) Inc.
Mark Hollenbeck, Dewey-Burdock Project Manager
Powertech (USA) Inc.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s ability to obtain the required permits from the U.S. Environmental Protection Agency, approvals from the State of South Dakota and to commence construction at the Dewey-Burdock Project. 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 negative change in the law, regulatory or political environment which would negatively affect the Company’s ability to obtain all necessary environmental and regulatory approvals. licenses and permits, (2) 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, (3) a decrease in the demand for and/or a decrease in the price of uranium, (4) an increase in the operating costs associated with the extraction and processing of the uranium, (5) 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 labor problems, (6) the risk that the Company does not execute its business plan, (7) inability to retain key employees, (8) inability to finance operations and growth, including the inability to raise the funding necessary to commence construction and complete the facility at the Dewey-Burdock Project, (9) an extended downturn in general economic conditions in North America and internationally, (10) an increase in the number of competitors with larger resources, and (11) 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 at www.sedar.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release.