Tournigan Closes Private Placement with AREVA, and Welcomes Andreas Mittler as a Director
Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) is pleased to report
that it has completed the next phase of its process to form a strategic
alliance with AREVA, the French nuclear energy and uranium mining
conglomerate, and acquire the Scandinavian uranium properties from
Mawson Resources Ltd.. Today it has completed an exclusive non-brokered
private placement of 14,285,714 units (the 'Units?) at a price of $0.07
per Unit to raise gross proceeds of $1,000,000 with Compagnie Française
de Mines et M?taux, an affiliate of AREVA. Each Unit consists of one
common share and one non-transferable common share purchase warrant,
with each warrant entitling AREVA to purchase one additional common
share in the capital of the Company at a price of $0.20 for a period of
three years. The securities are subject to a hold period expiring on May
5, 2012, in accordance with the policies of the TSX Venture Exchange and
applicable Canadian securities laws.
This private placement was part of a series of transactions announced on
December 7, 2011. In addition, Tournigan has entered into a Technical
Services Agreement with AREVA whereby AREVA will perform a work program
comprising metallurgical and environmental test work to be part of the
Kuriskova feasibility study which will commence early in 2012.
On closing this placement AREVA owns 6.9% of the issued common shares of
Tournigan. AREVA owns approximately 9.1% of the issued common shares of
Mawson and upon Tournigan completing the purchase of Scandinavian
uranium properties from Mawson by the issuance of 53,639,848 common
shares to Mawson and Mawson subsequently distributing those shares to
its shareholders on a pro-rata basis AREVA will own 7.3% of the issued
common shares of Tournigan, with warrants representing an additional
3.1% and a preemptive right to participate in future financings.
Concurrent with the closing of the private placement the board of
directors increased its size to nine members and appointed Andr?as
Mittler, Vice President, Expertise and Projects Department of AREVA
Mines since April 2011, and ?member of the ?AREVA Mines Executive
Committee. Mr. Mittler is a mining engineer and holds a masters degree
in science and executive engineering from the Ecole Nationale Superieure
des Mines de Paris in 1986. His core competencies are in mine start-up
and management. Mr. Mittler has spent most of his professional career of
mining of AREVA. He was underground mine Manager in Jouac (France), he
worked as the manager of production for COMUF (Gabon), then as
production manager for gold mining in Australia, before joining
SOMAIR ?and later COMINAK (Niger) as General Manager. In 2009, he became
mining projects manager of oil sands for Total in Canada.
About Tournigan
Tournigan is a uranium exploration and development company. The
company′s flagship asset is the Kuriskova uranium deposit in Slovakia,
among the highest grade uranium deposits in the world. Slovakia
currently has four nuclear reactors generating half of its electricity,
with two more reactors planned or under construction.
With the anticipated acquisition of uranium properties from Mawson,
Tournigan plans to diversify geographically by acquiring projects in
Sweden and Finland, also members of the European Union and countries
which rely on nuclear generated electricity. In Sweden, ten nuclear
reactors generate over 40% of the country′s electricity. Finland
currently has four operating reactors generating about 28% of the
country′s electricity. A fifth large nuclear plant is under construction
in Finland with plans firming for a sixth. Tournigan is committed to
safe and sustainable exploration and mine development. For additional
information, please contact Ms. Doris Meyer at (604) 536-2711 or visit www.tournigan.com.
TOURNIGAN ENERGY LTD.
'Dusty Nicol'
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Doris Meyer, at ?(604) 536-2711,
or visit www.tournigan.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.The
foregoing information may contain forward-looking information relating
to the future performance of Tournigan Energy Ltd. Forward-looking
information, is subject to certain risks and uncertainties, and actual
results may differ materially. These risks and uncertainties are
detailed from time to time in the Corporation's filings with the
appropriate securities commissions.
Tournigan Energy Ltd.
Doris Meyer, 604-536-2711
www.tournigan.com