Tournigan Energy Ltd. (TSXV:TVC,FWB:TGP) has formed a strategic alliance with AREVA, the French nuclear energy and uranium mining conglomerate, and acquired the Scandinavian uranium properties from Mawson Resources Ltd. by completing an exclusive non-brokered private placement of 14,285,714 units at a price of $0.07 per Unit to raise gross proceeds of $1,000,000 with Compagnie Française de Mines et Métaux, an affiliate of AREVA.
As quoted in the press release:
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.
Concurrent with the closing of the private placement the board of directors increased its size to nine members and appointed Andréas 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.