Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Elizabeth White, Dana Gardner, tru welu, Blue Box Blog

News Feed Item

Powertech Announces Shareholders Approve Merger to Create Azarga Uranium Corp.

VANCOUVER, BC -- (Marketwired) -- 06/30/14 -- Powertech Uranium Corp. ("Powertech" or the "Company") (TSX: PWE) (FRANKFURT: PSA) announces that Powertech's shareholders have voted in favour of the proposed business combination between Powertech and Azarga Resources Limited ("Azarga Resources"), pursuant to which Powertech will acquire Azarga Resources (the "Transaction"). The combined company will be renamed Azarga Uranium Corp. ("Azarga Uranium"). Shareholders also voted to reconstitute the Company's board of directors (the "Board"), adding representatives of Azarga Resources to the Board.

"We believe it made perfect sense to combine with our largest shareholder, Azarga. We are pleased that the vast majority of shareholders agree. Azarga Uranium will be a larger and more diversified organization which we believe will be a strong benchmark proposition for investment in the uranium sector," stated Richard Clement, CEO of Powertech.

At Powertech's annual general and special meeting of shareholders held earlier today, a total of 27.61% of the Company's outstanding shares were voted in person or by proxy. The special resolution pertaining to the Transaction was approved by 99.92% of the total votes cast and, as required by applicable securities laws, by a majority of the votes cast by disinterested shareholders.

Shareholders also voted in favor of a reconstitution of the Board in anticipation of the expected closing of the Transaction, by electing certain representatives of Azarga Resources to the Board. The number of directors was set at seven persons. The elections of Richard Clement, Douglas Eacrett, Matthew O'Kane and Apolonius Strujik were effective as of the completion of the Meeting and the elections of Curtis Church, Joseph Havlin and Alexander Molyneux will be effective as of the closing of the Transaction. Alexander Molyneux will be appointed Chairman and Richard Clement will remain CEO. A breakdown of the votes with respect to the election of each director is as follows:


----------------------------------------------------------------------------
                                                     % of "Withheld" Votes
    Director Name      % of "For" Votes Received            Received
----------------------------------------------------------------------------
   Richard Clement               99.94%                      0.06%
----------------------------------------------------------------------------
   Douglas Eacrett               99.94%                      0.06%
----------------------------------------------------------------------------
   Matthew O'Kane                99.94%                      0.06%
----------------------------------------------------------------------------
  Apolonius Strujik              99.94%                      0.06%
----------------------------------------------------------------------------
    Curtis Church                99.94%                      0.06%
----------------------------------------------------------------------------
    Joseph Havlin                99.94%                      0.06%
----------------------------------------------------------------------------
 Alexander Molyneux              99.94%                      0.06%
----------------------------------------------------------------------------

The closing of the Transaction is conditional on receipt of various required approvals, including approval of the Toronto Stock Exchange. Assuming receipt of the final approvals, it is anticipated that the Transaction will close on or about July 31, 2014.

Results of Other Matters Considered at the Meeting

The Company is pleased to report that all other matters to be considered at the Meeting, as further described in the Company's information circular dated May 13, 2014, were also approved at the Meeting, including: (i) the appointment of BDO Canada LLP as auditors of the Company for the forthcoming year; (ii) the settlement of outstanding debt in the aggregate amount of $176,404 owing for deferred compensation in consideration of the issuance of 2,977,970 common shares of Powertech (which was approved by a majority of disinterested shareholders of the Company); and (iii) the Company's 2014 stock option plan. For further information, please the Company's Report of Voting Results, which will be filed on SEDAR at www.sedar.com.

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

Disclaimer for Forward-Looking Information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Transaction and the Company's potential to be a strong proposition for investment in the uranium sector upon the Transaction's completion. 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 may include, but are not limited to, statements with respect to the future financial or operating performance of the Company and its mineral projects, the estimation of mineral resources, the timing and amount of estimated future production and capital, operating and exploration expenditures. 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, including that permits required for the Company's operations will be obtained in a timely basis, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of uranium will be at levels that render the Company's mineral projects economic and that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates. 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) the risk that the Company does not complete the proposed Transaction, (2) a downturn in general economic conditions in North America and internationally, (3) 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, (4) a decrease in the demand for and/or a decrease in the price of uranium, (5) an increase in the operating costs associated with the extraction and processing of the uranium, (6) 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 labour problems, (7) the risk that the Company does not execute its business plan, (8) inability to retain key employees, (9) inability to finance operations and growth, (10) any change in the law, regulatory or political environment which would negatively affect the Company's operations or its ability to obtain all necessary environmental and regulatory approvals, licenses and permits, including Toronto Stock Exchange approval of the Transaction, (11) an increase in the number of competitors with larger resources, and (12) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, 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 most recent MD&A filed with Canadian security regulators.

For further information, please contact:

John Mays
Chief Operating Officer
Powertech (USA) Inc.
(303) 790-7528

Mark Hollenbeck
Dewey-Burdock Project Manager
Powertech (USA) Inc.
(605) 685-3376

Email: Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT transformation?
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...