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Tournigan Adopts Shareholder Rights Plan
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Tournigan Gold Corporation (TSX-V: TVC) announces that its Board of
Directors has adopted a Shareholder Rights Plan (the "Rights Plan").
The Rights Plan is designed to provide adequate time for shareholders
of Tournigan and the Board of Directors to consider and evaluate any
unsolicited takeover bid made for Tournigan's common shares; to provide
the board with adequate time to identify, develop and negotiate
value-enhancing alternatives, if considered appropriate, to any such
unsolicited bid; to encourage the fair treatment of shareholders in the
event of any bid for Tournigan, and to ensure that any proposed
transaction is in the best interests of Tournigan's shareholders. The
Rights Plan, which enters into effect immediately, is subject to TSX
Venture Exchange approval and to ratification by Tournigan's
shareholders, which will be sought at the annual and special meeting of
shareholders scheduled for Friday, March 14, 2008.
Tournigan is not aware of any pending or threatened take-over bid for
its common shares. The Rights Plan replaces a similar shareholder
rights plan that expired earlier this year.
The rights issued under the Rights Plan will become exercisable only if
a person, together with its affiliates, associates and joint actors,
acquires or announces the intention to acquire beneficial ownership of
shares which when aggregated with its current holdings total 20% or
more of Tournigan's outstanding common shares (determined in the manner
set out in the Rights Plan,) other than by a Permitted Bid. Permitted
Bids must be made by way of a take-over bid circular prepared in
compliance with applicable securities laws, and, among other
conditions, must remain open for 60 days. In the event a take-over bid
does not meet the Permitted Bid requirements of the Rights Plan, the
rights will entitle shareholders, other than any shareholder or
shareholders making the take-over bid, to purchase additional common
shares of Tournigan at a substantial discount to the market price of
the common shares at that time.
The Rights Plan is similar to those adopted by other Canadian listed
companies and is consistent with Canadian corporate practice and
institutional investor guidelines.
Tournigan has built a portfolio of highly prospective uranium and gold
properties in both Europe and North America. Tournigan intends to
develop its best prospects. Tournigan has focused its efforts in
countries that are economically and politically stable, have good
infrastructure and a well-educated population.
On behalf of the Board of Directors of
TOURNIGAN GOLD CORPORATION
"James Walchuck"
James Walchuck, President and CEO
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contact Knox Henderson, Investor Relations at +1 (604) 683-8320, or
visit www.tournigan.com
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Copyright (c) 2008 TOURNIGAN GOLD CORPORATION (TSXV-TVC) All rights
reserved. For more information visit our website at
http://www.tournigan.com/ or send mailto:info@tournigan.com
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