European Nickel Plc announced its plans to issue 72.5 million shares to raise about $6 million to cover expenses before it receives financing from two Chinese partners to develop its flagship mine project in Turkey.

Managing Director Simon Purkiss, said:

Whilst the recently announced financing framework agreement with our partners JXTC and TCC will, upon completion, fully fund the development of the Caldag project, the proposed placement will enable us to bridge some forthcoming expenditure prior to the anticipated receipt of the JXTC $20 million investment.

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