RAB Special Situations (fka RAB)

[Tackler]

Tournigan Gold 10.29-million-share private placement

2004-05-18 16:18 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered and non-brokered private placement announced April 12, 2004, and April 27, 2004:

Number of shares: 10,276,107 (of which 5,561,667 are brokered)

Purchase price: 45 cents per share

Warrants: 5,138,054 share purchase warrants to purchase 5,138,054 shares

Warrant exercise price: 65 cents for an 18-month period

Number of placees: 13

Insider/pro group participation: RAB Special Situations, 2,222,222

Agents: Pacific International Securities and Canaccord Capital

Agents' fees/commission: $188,595.16 and 25,833 commission units and 556,166 agent's options

Finder's fee: $89,720.19 and 649,221 units payable to Brian Felske

Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), Tournigan Gold must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The company must also issue a news release if the private placement does not close promptly. Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.