The company also received approval for the planned $5m private placement.
The proposed merger was approved by Powertech Uranium’s shareholders in June 2014;however, it is subject to standard closing conditions.
As per the plan, the combined company will be named as Azarga Uranium.
Pursuant to the $5m private placement, Powertech Uranium will issue up to 84 million units at a price of $0.06 per unit.
Following the completion of the transaction and the financing, the company will complete a share consolidation on the basis of one new common share for every existing ten common shares, to enhance the marketability of the common shares.
Powertech Uranium is a mineral exploration and development firm that holds stake in Dewey-Burdock Uranium deposit in South Dakota, the Centennial Project in Colorado, and Dewey Terrace and Aladdin Projects in Wyoming.
