Powertech Uranium Corp.

TSX Conditionally Approves Merger with Azarga Resources

GREENWOOD VILLAGE, COLORADO--(Marketwired - Oct. 22, 2014) - Powertech Uranium Corp. (TSX:PWE) ("Powertech" or the "Company") has received conditional approval from the Toronto Stock Exchange (the "TSX") to complete the merger with Azarga Resources Limited ("Azarga Resources") and also for the previously announced $5.0 million private placement.

The TSX has notified the Company of its conditional approval for the acquisition of all of the issued and outstanding common shares of Azarga Resources in exchange for common shares of Powertech (the "Transaction") pursuant to the Share Purchase Agreement dated 25 February 2014 and subsequently amended.

Concurrently, the TSX conditionally approved the Company's $5.0 million private placement (the "Financing") (see the Company's press release dated 10 September 2014). The Company received conditional approval to issue up to 84 million units (each, a "Unit") at a price of $0.06 per Unit pursuant to the Financing. Units consist of one common share of the Company and one-half of a share purchase warrant. The funds related to the $5.0 million private placement have been received and will be held in escrow for release on completion of the proposed Transaction. The securities to be issued pursuant to the Financing will be subject to a hold period of four months and one day from the date of issuance, and a finder's fee will be paid on certain subscriptions in connection with the Financing.

The Transaction, including a name change to Azarga Uranium Corp., was approved by the shareholders of Powertech at the annual general and special meeting of shareholders held on 30 June 2014 (see the Company's press release dated 30 June 2014). Completion of the Transaction remains subject to standard closing conditions.

The Company, subject to final approval of the TSX, will also complete a share consolidation on the basis of one (1) new common share for every existing ten (10) common shares (the "Consolidation") on close of the Transaction and the Financing. The Consolidation is intended to enhance the marketability of the common shares as an investment post-close of the Transaction and the Financing.

A subsequent announcement will be made to advise shareholders of the closing of the Transaction, the Financing and the Consolidation.

About Powertech Uranium Corp.

Powertech is a mineral development company that owns the Dewey Burdock Uranium Project in South Dakota, 40% of the Centennial Deposit in Colorado, and Dewey Terrace and Aladdin Exploration Prospects in Wyoming.