Additional Information
Market: AIM
Sector: General Mining - Nickel and Cobalt
EPIC: ENK
Latest Price: 11.75p  (0,00%)
52-week High: 21.25p
52-week Low: 9.75p
Market Cap: 30.80M
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ENK (AIM/PLUS/ASX: ENK) is an emerging mid-tier nickel laterite producer focused on growth with assets in Turkey, the Philippines and Albania.

ENK has developed an innovative, low cost, environmentally sensitive heap leach technology, which offers a competitive edge over conventional nickel laterite processing.

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European Nickel repays US$5 mln loan to Endeavour Financial after raising US$19.5 mln

9th Feb 2010, 12:05 pm European Nickel repays US$5 mln loan to Endeavour Financial after raising US$19.5 mln

European Nickel (AIM: ENK) has repaid the US$5 million bridging loan given by Endeavour Financial Corp after undertaking a placing last week to raise US$19.4 million.

The company has also applied for admission to trading on the AIM market of a further 1.34 million shares, which will be issued to Endeavour in lieu of interest on the loan facility provided to the company.

The latest placing news was reported parallel to last week's announcemeny by European Nickel and Rusina Mining NL (AIM: RMLA, ASX: RML) that they signed a merger deal to form a new and significant nickel development company. European Nickel proposed to acquire the entire issued share capital of Rusina through an equity-based transaction, which values Rusina at approximately £18.1 million at today's prices and is capped at £27.1 million.

In addition to the jointly developed Acoje nickel project in the Philippines, the enlarged company will be progressing European Nickel’s Çaldağ nickel property in Turkey. The combined group will have a total attributable resource base of 1.35 million tonnes of contained nickel, with forecast production of 45,000 tonnes per annum from its two projects, Çaldağ and Acoje.

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