www.tournigan.com
European Uranium Resources Ltd. (EUU: TSX-V; TGP: Frankfurt) (formerly Tournigan Energy Ltd.) began trading as EUU on March 1, 2012. The company is well placed to become the key uranium exploration and development company in Europe. Europe is the world's largest per capita consumer of uranium with 160 operating reactors and more under construction or planned but with only one currently operating uranium mine, located in the Czech Republic.
Tournigan signs binding agreement to acquire Mawson's uranium properties
Tournigan Energy (CVE:TVC) announced Wednesday it has taken another step forward in expanding its Uraniumpresence in Europe, with the signing of a binding agreement to purchase seven Uranium properties in Finland and Sweden from Mawson Resources (TSE:MAW).
Under the terms of the agreement, which supersedes the letter of intent it had signed earlier this month, Tournigan will issue just under 53.64 million shares of its common stock to Mawson on a pro rata basis by April 30, 2012.
In return, Tournigan will receive Mawson's right, title, and interest in a total of seven Uranium exploration projects throughout Sweden and Finland, including the Nuottijarvi, Riutta, and Asento properties in Finland, and the Hotagen, Duobblon, Kapell, and Aronsjo properties in Sweden.
Tournigan said the deal remains subject to the conditions under the letter of intent, including the spin out of Mawson's Peruvian assets, and the overall reorganization of its business.
Separately, Tournigan has already received approval from the TSX-Venture Exchange to close a private placement financing with an affiliate of French nuclear energy powerhouse Areva SA (EPA:AREVA), one of Mawson's largest shareholders. It expects to close the private placement in early January 2012, concurrent with its entering into a technical services agreement with Areva.
The technical services agreement will see Areva conduct a work program on Tournigan's Kuriskova Uranium property, located in east-central Slovakia. The program, which will consist of metallurgical and environmental test work, will be used for a feasibility study for the property, expected for completion in early 2012.
Tournigan also said it plans to change its name to European Uranium Resources, and will complete a consolidation of its shares, on a one new for five old basis. The change will begin once the Areva alliance and Mawson acquisitions have been completed.
On distribution of the shares, Mawson shareholders shall own approximately 20.5 percent of the restructured Tournigan, which will continue as European Uranium Resources.
