Powertech reports drawdown of third tranche of $13.8 million loan facility

Powertech Uranium reports its completion of the drawdown of the third Cdn.$3.45 million.

The Company intends to use the proceeds of the Tranche for working capital and to advance its mineral properties towards production.

Terms of the Tranche

The Tranche bears interest at the rate of 9% per annum with interest compounding and accruing from March 30, 2010, being the date of drawdown, and payable at the maturity date of September 30, 2011. On the maturity date, the Company will repay the applicable principal amount of the tranche amount borrowed, 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.

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