This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tournigan Takes Final Steps To Become European Uranium Resources Ltd.

Stocks in this article: TGP

Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt). As first announced on December 7, 2011, Tournigan is taking the final steps to form a strategic alliance with AREVA, the French nuclear energy and uranium mining conglomerate, and acquire seven uranium properties from Mawson Resources Ltd. located in Sweden and Finland. The record date will be March 1, 2012, for the consolidation of the common shares of Tournigan on a 5 old for 1 new basis and its name will be changed to European Uranium Resources Ltd. At the opening of trading on March 1, 2012, the Company will trade on the TSX Venture Exchange as EUU.

On February 29, 2012, Tournigan will issue 53,639,848 common shares to Mawson Resources Ltd. Mawson will distribute the Tournigan shares on a pro rata basis to its shareholders pursuant to a plan of arrangement prior to April 30, 2012. Until then, Mawson has agreed not to exercise the voting rights attaching to the Tournigan shares.

“We have been preparing for this re-launch of the Company as an advanced stage pure-play uranium company called European Uranium Resources Ltd with projects in Slovakia, Sweden and Finland. Europe has 186 nuclear power plants in operation and 19 new plants under construction and there is only one operating uranium mine within the European Union, in the Czech Republic. Clearly, Europe, a region with the world’s largest per capita consumption of uranium, has an urgent need to develop uranium production” said Dorian L. (Dusty) Nicol, Tournigan’s president and chief executive officer.

The Scandinavian Properties Being Acquired

Sweden

Hotagen District

The Hotagen District comprises 4 exploration claims covering 6,693 hectares. The Hotagen District uranium deposits are located in the northeastern portion of a geologic province known as the Olden Window in west-central Sweden. It is so called because it is an isolated area of Proterozoic basement rocks exposed as an erosional window within younger late Precambrian to early Paleozoic sequences that form the Caledonide Mountains separating Sweden and Norway. Uranium mineralization occurs as veins and breccias (locally fluorite rich) developed in a uranium rich granite host rock.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs