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Tournigan Energy Limited

Published : January 05th, 2012

Closes Private Placement With Areva, And Welcomes Andreas Mittler As A Director

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Keywords :   Canada | European Union | Finland | Gabon | Niger | Slovakia | Sweden |


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 Fran�aise 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


 

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Tournigan Energy Limited

EXPLORATION STAGE
CODE : TVC.V
ISIN : CA8915651035
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Tournigan Energy Ltd. is a gold and silver exploration company based in Canada.

Tournigan Energy Ltd. holds various exploration projects in Slovakia.

Its main exploration properties are NOVOVESKA HUTA and KURISKOVA in Slovakia and CURRAGHINALT in Ireland.

Tournigan Energy Ltd. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 8.3 millions as of today (US$ 6.7 millions, € 5.8 millions).

Its stock quote reached its lowest recent point on December 31, 2001 at CA$ 0.03, and its highest recent level on December 31, 2007 at CA$ 4.50.

Tournigan Energy Ltd. has 208 018 000 shares outstanding.

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Annual reports of Tournigan Energy Limited
2008 Annual Report
2007 Annual Report
Financings of Tournigan Energy Limited
1/5/2012Closes Private Placement With Areva, And Welcomes Andreas M...
7/14/2010Closes Private Placement
6/29/2010Plans Private Placement
Nominations of Tournigan Energy Limited
1/30/2009Cuts Costs, Opens Denver Office, Appoints CFO, Corporate Sec...
11/3/2008Appoints VP Engineering / Environmental and VP Exploration
8/8/2007Appoints New Chairman
Project news of Tournigan Energy Limited
3/1/2012To Open March 1, 2012 As European Uranium Resources Ltd.
2/22/2012Takes Final Steps To Become European Uranium Resources Ltd.
11/30/2011(Novoveska Huta)Files Technical Report For Novoveska Huta Resource
4/26/2011(Kuriskova)Increases Indicated Resource at Kuriskova by 39% to 28.5 Mil...
3/7/2011(Kuriskova)Continues to Improve Grade in Kuriskova's Main Zone South
8/3/2010(Kuriskova)Metallurgical Testing For Prefeasibility Study Indicates Ura...
3/24/2010(Kuriskova)Increases Indicated Resource, Adds High Grade, at Kuriskova ...
11/23/2009(Kuriskova)Discovers New Zone of High Grade Mineralization at Kuriskova
11/9/2009(Kuriskova)Drills More High Grade Uranium at Kuriskova
11/3/2009(Kuriskova)Initial Metallurgical Testing at Tournigan's Kuriskova Proje...
10/19/2009(Kuriskova)Awards Prefeasibility Study of Kuriskova Uranium Deposit
10/1/2009(Kuriskova)Resumes Drilling at Kuriskova Uranium Deposit
9/30/2009(Curraghinalt)Sells Curraghinalt Gold Project
7/27/2009Files Technical Report
6/26/2009(Kuriskova)Positive Preliminary Assessment for Tournigan's Kuriskova Ur...
6/8/2009(Kremnica Mine)Signs Option Agreement on Kremnica Gold Property
2/24/2009(Kuriskova)Doubles Contained Uranium and Increases Grade of Indicated R...
1/19/2009(Kuriskova)Provides Update on Kuriskova Uranium Deposit in Slovakia
9/10/2008(Kuriskova)Adds Uranium Mineralization at Kuriskova and Novoveska Huta
8/29/2008(Kuriskova)Files Kuriskova Technical Report
7/16/2008(Kuriskova)Upgrades Portion of Kuriskova Resource to Indicated Category...
4/23/2008(Kuriskova) Continues Reporting High Grade Uranium Assays at Kuriskova,...
4/8/2008(Kuriskova)Reports High Grade Chemical Assay Results at Kuriskova
2/28/2008(Curraghinalt)Confirms High-Grade Gold Veins at Curraghinalt with Addition...
2/21/2008(Kuriskova)Kuriskova Infill Drilling Returns More High Grade Uranium
12/5/2007(Curraghinalt) Announces Significant Increase in Curraghinalt Gold Resourc...
Corporate news of Tournigan Energy Limited
3/13/2012(Kuriskova)European Uranium Files Technical Report For Kuriskova Prelim...
3/1/20122012 Outlook
2/2/2012in Northern Miner
1/30/2012(Kuriskova)Prefeasibility Study Indicates Kuriskova Could be Among Worl...
12/28/2011News Release
12/7/2011Forges Alliance With Areva, Acquires Scandinavian Uranium As...
8/23/2011(Kuriskova)Geotechnical Drilling Hits Uranium Mineralization at Much Hi...
8/9/2011(Kuriskova)s Progress on Prefeasibility Study for Kuriskova
4/8/2011Elects New Board Member
7/20/2010Mobilizes Zone 45 Drill Program
4/30/2010files Voluntary U.S. Deregistration
4/15/2010completes sale of Kremnica to Ortac
1/14/2010Cuts 4.5 Metres of 0.977 Percent eU3O8 at Kuriskova
1/5/2010Sale of Irish Property Brings Year-End Cash Up to $5.6 Milli...
12/10/2009Members of Parliament Did Not Agree with Uranium Mining Ban
11/2/2009Closes $5.5 Million Dalradian Sale
3/2/2009Completes Sale of U.S. Uranium Properties
12/23/2008Finalizes Dalradian Gold Agreement in Northern Ireland
10/2/2008Arranges Sale of Non-Core Assets in Northern Ireland and the...
9/4/2008A Letter to Shareholders from Dorian L. (Dusty) Nicol, Presi...
7/9/2008Information Now Available Through S&P Market Access Program
5/15/2008Provides Clarification
5/5/2008Name Change to Tournigan Energy Ltd. Focus on Kuriskova Uran...
3/19/2008's Uranium Targets Continue to Expand
3/4/2008 Completes Acquisition of US Uranium Interests
2/8/2008Extends Uranium Roll-front in Wyoming
1/31/2008Adopts Shareholder Rights Plan
1/15/2008Hits Uranium in Wyoming
10/24/2007 Announces Exploration Property Resource Changes, Restatemen...
10/12/2007Tournigan U.S. Uranium Acquisition Agreement and Reorganizat...
7/19/2007 Project Updates
5/29/2007Receives Positive Pre-feasibility on Kremnica Gold
5/28/2007Seeks to Unlock Shareholder Value by Separating
5/7/2007Tournigan's Resource at Kuriskova (Jahodna) Almost Triples t...
4/19/20072007 Operational Update - Uranium Properties
3/29/2007Adds Claims in Wyoming
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