Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) is pleased to announce that it has completed a non-brokered private placement (the 'Private Placement') of 30,000,000 units ('Units'), at a subscription price of $0.10 per Unit, for gross proceeds of $3,000,000. Each Unit is comprised of one common share (a 'Share') and one-half of one common share purchase warrant (a 'Warrant'). Each Warrant entitles the holder to purchase one additional Share of the Company up to and including July 14, 2012 at an exercise price of $0.20. The company paid $102,900 and issued 1,029,000 Warrants as finders′ fees in connection with the Private Placement.
The securities are subject to a hold period expiring on November 15, 2010 in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities laws.
Tournigan will use the net proceeds of the Private Placement to advance its high-grade Kuriskova uranium project in Slovakia and for general working capital purposes.
About Tournigan
Tournigan is a uranium exploration and development company that has built a portfolio of highly prospective assets in Slovakia, a member of the European Union since 2004. Slovakia is economically and politically stable, has excellent infrastructure and currently has four nuclear reactors generating half of its electricity with two more under construction. Tournigan is committed to safe and sustainable exploration and mine development in Slovakia. In addition to Kuriskova, Tournigan has several other exploration targets along the Slovakian uranium belt which are showing positive exploration results.
TOURNIGAN ENERGY LTD.
'Dusty Nicol?
Dorian L. (Dusty) Nicol, President and CEO
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.
For further information please contact: Knox Henderson, Tournigan Energy Investor Relations, at (604) 683-8320, or visit www.tournigan.com.
Tournigan Energy Knox Henderson, 604-683-8320 Investor Relations
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