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Tournigan Energy reports sale of its US uranium properties and completion of its transaction. Under the terms of the agreement, Tournigan will keep a 30% carried interest in each TUSA property up to the completion of a feasibility study for any project encompassing any such property (a “Project”). Upon completion of a feasibility study, the Company’s carried …
Tournigan Energy reports sale of its US uranium properties and completion of its transaction.
Under the terms of the agreement, Tournigan will keep a 30% carried interest in each TUSA property up to the completion of a feasibility study for any project encompassing any such property (a “Project”). Upon completion of a feasibility study, the Company’s carried interest in respect of such property will convert into a 30% working interest in the Project or the Company will have the option to dilute down to a 5% net profits interest. Fischer-Watt delivered to the Company a promissory note in the amount of US$325,327, including the closing date working capital adjustment (the “Promissory Note”). Fischer-Watt will secure the release of TUSA’s reclamation bonds and reimburse the Company the amount of US$930,000 less any applicable reclamation costs (the “Reclamation Receivable”).
Dorian L. (Dusty) Nicol, Tournigan’s President and CEO says:
“The sale of TUSA was a key step in renewing Tournigan’s focus on our European properties,” “This transaction allows us to dedicate our resources to advancing the Kuriskova uranium deposit and our other Slovakia properties but still preserves upside in the U.S. uranium properties for Tournigan shareholders.”
For full details of this press release, click this link. To view Tournigan’s company profile, click here. Follow developments in resource mining and exploration for free.Sign on to The Resource Stock Watch.