Powertech Uranium and Azarga Resources Complete Merger and Financing

Powertech Uranium (TSX:PWE) has completed its merger with Azarga Resources as well as a $5 million private placement. The new company will be called Azarga Uranium Corp. (TSX:AZZ).

According to the press release:

The Company is expected to commence trading under its new name, stock symbol “AZZ” on a post-consolidation basis on 31 October 2014, subject to confirmation by the Toronto Stock Exchange (the “TSX”). The TSX is expected to issue a bulletin confirming the date on which the securities of the Company will commence trading under the new stock symbol and giving effect to the Name Change and Consolidation.

Concurrently with the closing of the Transaction, the Company closed its Financing, which was previously announced on 10 September 2014. The Company raised gross proceeds of approximately $5.0 million pursuant to the Financing through the issuance of 8,338,134 post-Consolidation units (“Units”), each Unit consisting of one post-Consolidation common share and one-half of a common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase one post-Consolidation common share at an exercise price of $1.00 per share until 28 October 2016. Accounting for the Consolidation adjustment, the Units subscribed for pursuant to the Financing were subscribed for at $0.60 per Unit.

Click here to read the Powertech Uranium Corp. (TSX:PWE) press release