Black Hills Clean Water Alliance http://www.sdcleanwateralliance.org/******Greetings —
Last Friday, we had the prehearing on Powertech’s application for two water permits and a ground water discharge permit (to spray waste water on the ground). The good news is that the actual hearing on the applications before the state Water Management Board will not occur the week of March 18. It will be postponed, which gives us more time to prepare.
However, hiring the experts we need for the hearings costs money — lots of money. Our experts will talk specifically about how Powertech’s proposed project would damage groundwater and the land. We have to have experts to oppose Powertech’s applications effectively. We know who we want to hire, and it will cost over $15,000. So we need both small and large donations to help us raise that money.
We also need general operating funds. Clean Water Alliance is an all-volunteer organization, so your donations go directly to work against uranium mining in the Black Hills region. Every bit helps. Please give what you can.
Please CLICK HERE TO DONATE and pass this message along to others who might be willing to help.
Your support is gratefully received.For anyone who hasn’t seen them, here is the link to the comments by Dr. Robert Moran on the draft Supplemental Impact Statement prepared by Powertech. These are the type of comments we would like our experts to do for the water permits hearing. And this is why we are raising money —********
The next Heartland Film Society screening will be “Flow” on Monday February 25, 2013. It will be at the Elks Theatre in Rapid City at 7 pm. Admission is $7.00. The screening is co-sponsored by the Black Hills Chapter of Dakota Rural Action. The film is about water and how important it is to protect it from corporations, both in the U.S. and internationally. It documents how local grassroots organizing can be effective. There will be a panel discussion afterwards with Debra White Plume, Bruce Ellison, and Becky Leas. They will be discussing the proposed uranium mining by Powertech in the Southern Black Hills.
Please come out and support this very important event. Bring a friend or three. Thank you very much. Clay and Mary Ellen Uptain and your Heartland Film Society Committee. http://heartlandfilm.wordpress.com/
The next Clean Water Alliance meeting will be held on Saturday, March 2, at 10:00 a.m. We’ll be meeting at Seattle’s Best coffeeshop’s meeting room again, as the library is not available. The coffeeshop is located at the corner of 6th Street and St. Joseph Street — on the first floor of the Alex Johnson Hotel in downtown Rapid City.
See you there!
Another reprieve for Powertech —
Powertech to raise $1.5 million from secret “strategic” investors
Posted February 18, 2013
Once again, Powertech CEO Dick Clement has saved the Canadian penny stock company from bankruptcy by convincing “strategic” investors to buy up to 15 million shares for $0.10 each, according to a February 12 news release.
The unidentified strategic investors would purchase units consisting of one common share of Powertech and one share purchase warrant. One warrant entitles the investor to purchase one additional share for $0.20 for a period of three years.
The gross proceeds of the proposed private placement are only $1.5 million, but would allow Powertech to survive for another four months, assuming a cash burn rate of $400,000 per month.
Unlike financial investors who invest solely to realize a return on their investment, strategic investors are typically operating companies in the same or similar industries that seek to create synergies with their investments.
Strategic investors often expect to assume a degree of control over the investee company, and in many cases intend to acquire the company.
Since Powertech is in the midst of seeking multiple federal and state permits for the proposed Dewey-Burdock uranium mine, one would think that the disclosure of the potential future management of the company would be of interest to affected landowners, regulators, and investors.
But in typical fashion, Powertech has chosen to conceal the identities of the strategic investors.
Interestingly, Powertech has changed the description of the company that appears at the end of its news releases. After repeated challenges on this website to provide supporting evidence, Powertech has removed the following statement from its news releases:
“The Company’s key personnel have over 200 years of experience in the uranium industry throughout the United States, and have permitted more than a dozen in-situ operations for production.”
The February 12 news release includes the new language:
‘The Company’s key personnel have in-situ uranium experience throughout the United States and worldwide.”