On April 9, 2009, European Nickel PLC, concluded a placing of 86,000,000 new ordinary shares at a placing price of £0.05 per share raising gross proceeds of approximately £4.3 million (approximately US$6 million) before expenses.
European Nickel is an AIM listed mining company with nickel laterite projects in Turkey, the Philippines and Albania. It has developed a proprietary process for the extraction of nickel from nickel laterites which is lower cost than conventional processes.
European Nickel was advised in this transaction by a team from Fasken Martineau LLP led by Chris Chrysanthou and Mark Camilleri and including Michael Kashis.