Azarga Resources Limited

October 22, 2013 07:15 ET

Azarga Resources Limited: Acquisition of Common Shares of Powertech Uranium Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2013) - Azarga Resources Limited ("Azarga") reports that effective October 21, 2013 Azarga acquired from treasury 8,450,035 common shares (the "Acquired Shares") of Powertech Uranium Corp. ("Powertech") pursuant to Powertech's conversion (the "Conversion") of the outstanding principal amount of a debenture dated July 31, 2013 between Azarga and Powertech.

Prior to the Conversion, Azarga held 24,650,000 common shares of Powertech ("Powertech Shares") representing approximately 17% of the issued and outstanding Powertech Shares on a non-diluted basis. Azarga now owns, after completion of the Conversion, 33,100,035 Powertech Shares representing approximately 22.2% of the issued and outstanding Powertech Shares.

The Purchased Securities were acquired for investment purposes in reliance on the minimum amount investment exemption in National Instrument 45-106 - Prospectus and Registration Exemptions. Depending on market conditions and other factors, Azarga may from time to time acquire additional securities of Powertech or dispose of securities of Powertech in the open market, by private agreement or otherwise.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report").

Contact Information

  • Azarga Resources Limited
    Elaine Tang
    +852 3796 7105
    +852-3796-7000 (FAX)