On June 12, 2006, shareholders of European Nickel Plc, an AIM listed mining company, approved the issue of 240 million new shares to raise approximately US$155 million. The net proceeds will be used to fund the anticipated equity component for the development of its Çaldag Nickel Project in western Turkey and to provide working capital. The share offering was arranged by Canaccord Adams Limited. The Çaldag Project, located near Izmir in western Turkey, is designed to produce at full production 20,400 tonnes of nickel and 1,200 tonnes of cobalt per year in mixed hydroxide products that are expected to be sold to refineries for processing into nickel and cobalt metal. Fasken Martineau advised European Nickel on the offering with a team led by John Elias (Toronto) and including David Smith and Mark Camilleri (London), and Rob Mason, Christopher Sullivan, and Sarah Gingrich (Toronto) and Annelise Barradale (Johannesburg). Cheryl Dusten and Catherine Fraser, students-at-law in Toronto, assisted the team.