Powertech Uranium Corp. (TSX:PWE) announces that Powertech’s shareholders have voted in favour of the proposed business combination between Powertech and Azarga Resources Limited under the terms of which Powertech will acquire Azarga Resources. The combined company will be renamed Azarga Uranium Corp. Additionally, shareholders voted to reconstitute the company’s board of directors, adding representatives of Azarga Resources to the Board.
As quoted in the press release:
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.
Powertech Uranium CEO, Richard Clement, said:
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.