Subsidiary of Jilin Jien Nickel Industry Co., Ltd. Completes Compulsory Acquisition
TORONTO, May 28, 2012 /CNW/ - Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") and Goldbrook Ventures Inc. ("Goldbrook") announced today that 0931017 B.C. Ltd. (the "Offeror"), an indirect wholly-owned subsidiary of Jilin Jien, has acquired or will acquire the remaining 10,114,253 common shares (the "Shares") of Goldbrook not already owned by the Offeror or an affiliate of the Offeror, representing approximately 4.38% of the outstanding Shares, pursuant to a previously announced compulsory acquisition carried out under the provisions of the Business Corporations Act (British Columbia) (the "Compulsory Acquisition"). Following the completion of the Compulsory Acquisition, the Offeror and its affiliates will own 230,989,392 Shares, representing 100% of the outstanding Shares.
The Offeror is acquiring the Shares for the same consideration and on the same terms contained in the offer and circular dated January 30, 2012, as amended and supplemented by a notice of extension dated March 12, 2012, being consideration of Cdn.$0.39 per Share, or as otherwise required by law.
Goldbrook applied to delist the Shares from the TSX Venture Exchange (the "TSXV"). The TSXV issued a bulletin approving such delisting on April 13, 2012 and the Shares will be delisted from the TSXV as at the close of trading on May 28, 2012. Following the delisting of the Shares from the TSXV, the Offeror will cause Goldbrook to apply to the relevant securities commissions for Goldbrook to cease to be a reporting issuer.
About Jilin Jien Nickel Industry Co., Ltd.
Jilin Jien Nickel Industry Co., Ltd. is one of the largest holding subsidiaries of Jilin Horoc Nonferrous Metal Group Co., Ltd., which was founded in 1960. Horoc and Jilin Jien own four nickel mines, one molybdenum mine, one silver mine, two smelters, seven refineries, and two chemical plants with total assets over RMB 3.0 billion. The company professionally provides all kinds of nickel, copper, cobalt salts and nonferrous metal products for plating, chemical plating, battery materials and metallurgy. Jilin Jien is one of the biggest producers of nickel sulphate in the world, with annual output of 25,000 tons. In September 2003, Jilin Jien was listed on the A-share market of the Shanghai Stock Exchange with the stock code 600432.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, including statements relating to the Offeror's intention to cause Goldbrook to take the necessary steps to delist the Shares from the TSXV and to apply to the relevant securities commissions for Goldbrook to cease to be a reporting issuer and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate", and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to a significant business, economic and competitive uncertainties and contingencies. Jilin Jien cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Jilin Jien to be materially different from Jilin Jien's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper or certain other commodities; inaccuracies or material omissions in Goldbrook's publicly available information or the failure by Goldbrook to disclosure events or facts which may have occurred or which may affect the significance or accuracy of any such information; the ability of Jilin Jien to complete or successfully integrate an announced acquisition proposal; operating or technical difficulties in connection with mining or development activities; availability and costs associated with mining inputs and labor; the risks involved in the exploration, development and mining business.
Except as otherwise indicated, the information concerning Goldbrook in this press release has been taken from or is based upon Goldbrook's and other publicly available documents and records on file with Canadian securities regulatory authorities and other public sources. Neither Jilin Jien nor the Offeror nor any of their respective directors or officers assumes any responsibility for the accuracy or completeness of such information, or any failure by Goldbrook to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information, but which are known to Jilin Jien and the Offeror.
Jilin Jien disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, further events or otherwise, except as required by applicable law.
Share this article