By Sheri Kasprzak
New York, Sept. 21 - Tournigan Gold Corp. said it has arranged another private placement, this one for C$1.75 million.
The company plans to sell 3.5 million units at C$0.50 each to Pinetree Capital Ltd., a new investor, as well as Sprott Asset Management and Passport Capital.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.65 each for 18 months.
Tournigan may force the exercise of the warrants if its stock exceeds C$1.00 for more than 30 trading days.
The offering is in addition to a C$2 million unit offering the company priced on Sept. 2. That offering is ongoing, and the company plans to sell 5 million units at C$0.40 each.
Tournigan, based in Vancouver, B.C., is a gold exploration company.
| Issuer: | Tournigan Gold Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.75 million
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| Units: | 3.5 million
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.65
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| Investors: | Pinetree Capital Ltd., Sprott Asset Management, Passport Capital
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| Pricing date: | Sept. 20
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| Stock price: | C$0.50 at close Sept. 20
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