Blumont now holds 30% deemed stake in Toronto-listed Powertech Uranium Corp

BLUMONT Group announced on Thursday that it now holds a beneficial interest of 30 per cent in Toronto-listed Powertech Uranium Corp following some share restructuring.

Powertech had on Wednesday acquired all the issued and outstanding common shares of Azarga Resources through a share swap at the rate of 3.65 Powertech Shares for each Azarga Share.

At the same time, Powertech completed a 10-for-one consolidation of outstanding shares, as well as a private placement for gross proceeds of CAD$5 million.

Before the transaction, Blumont, through wholly-owned subsidiary Powerlite Ventures, held 49.46 million shares in Azarga, which in turn held about 45 per cent of the total issued share capital of Powertech, though neither Blumont nor Powerlite beneficially owned any shares in Powertech.

Following the share restructuring, Blumont, through Powerlite, beneficially owns 18 million shares in Powertech, representing about 30 per cent of the issued and outstanding shares in Powertech.