Ann: Company Presentation , page-5

So now we have another 20,890,000 shares at a discount rate of 20p or AUD$0.32 cents.
These directors have stuffed up big time, it will be years before most of us get our money back, let alone make a profit.

European Nickel (LSE:ENK) - ?6.0m placing
? European Nickel has announced a successful placing of 20.89m shares at 20p to raise around ?6.0m to accelerate the company?s principal project Acoje in the Philippines.
? Hunter Dickenson through its subsidiary Constantia Resources continues to support the company contributing ?1.8m to the placing that will leave it with 7.44% of the issued share capital.
? ENK?s quarterly report highlights the transition of the company as its focus moves to Acoje as Caldag is put on care and maintenance until the forestry permit is received. It is a real shame the Turkish government has been so difficult, since this asset should have been well into production by now resulting in a very significant investment to the country as well as jobs and other benefits. We urge caution to investors looking at mining opportunities in Turkey.
? Acoje could well evolve into an attractive asset with initial economic parameters indicating that it could be a stronger asset than Caldag. Management sees the project costing US$498m to produce 24.5ktpa of nickel in concentrate over a 10 year mine life, however, in the region there are other laterite sources that could feed into a mine development extending the life of the asset. The economics outlined come from a November ?08 study which needs updating and will come out of the DFS that is under way.
Conclusion: ENK is going through a significant period of transition. The core asset of the company is now Acoje and we look towards the results of work going into the DFS to give confidence in the economics of this project.