Powertech Announces Drawdown of Fourth Tranche of $13.8 Million Loan Facility

Powertech Uranium Corp. (TSX:PWE) reports completion of the drawdown of the fourth tranche of $13.8 million loan facility entered into with Societe Belge de Combustibles Nucleaires Synatom SA on October 14, 2009, as disclosed in the its news release of October 15, 2009.

The Tranche bears interest at the rate of 9% per annum with interest compounding and accruing from June 30, 2010, being the date of drawdown, and payable at the maturity date of December 31, 2011. On the maturity date, the Company is required to repay the principal amount of the Tranche, together with all accrued and unpaid interest thereon. Repayment of the Tranche will be secured by existing security granted by the Company and its wholly-owned subsidiaries to Synatom and by further security granted in the Loan Facility.

For complete news release, click here.