Powertech Uranium Corp to merge with Azarga Resources Limited to create Azarga Uranium Corp


Wednesday, 26 Feb 2014 09:03am EST 

Powertech Uranium Corp and Azarga Resources Ltd:Enters a share purchase agreement pursuant to which Powertech will acquire all of the issued and outstanding common shares of Azarga in exchange for common shares of Powertech.Azarga currently owns 68,991,571 common shares of Powertech, representing about 45 pct. of the issued and outstanding Powertech Shares.Upon completion of transaction Azarga would become a wholly owned subsidiary of Powertech and the current Azarga shareholders would become Powertech shareholders holding about 77 pct. of Powertech shares.Powertech would continue to carry on Azarga's business and change its name to Azarga Uranium Corp.Under terms of share purchase agreement, Powertech will acquire all of the issued and outstanding shares of Azarga in exchange for Powertech common shares based on an exchange ratio equal to 3.65 Powertech shares for each Azarga share.Immediately after the completion of the Transaction, Powertech intends to consolidate its outstanding shares on a basis to be agreed upon by Powertech and Azarga. 

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22 Jul 2014