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Jilin Jien Acquiring Canadian Royalties

Posted on: Thu, 12 Nov 2009 07:15:00 EST

Symbols: CRYAF, GBKVF

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JILIN, Nov 12, 2009 (SinoCast Daily Business Beat via COMTEX) --
GBKVF | Quote | Chart | News | PowerRating -- Jilin Jien Nickel Industry Co., Ltd. (SHSE: 600432) and Goldbrook Ventures Inc. have completed the acquisition of a 76.66% stake in Canadian Royalties Inc. by November 10, 2009 (Toronto Time), representing 68.47 million shares.

The news is released by the Chinese nickel products manufacturer in an announcement, saying that it has also bought Canadian Royalties' 70.81% convertible bonds in partnership with Goldbrook Ventures.

Since both the purchased shares and bonds account for more than two thirds of the total, the acquisition will trigger a tender offer, requiring the buyers to acquire all the rest shares and bonds.

Jien Nickel and Goldbrook Ventures plan to complete the tender offer before November 24 (Toronto Time). The acquisition and tender offer have received approval from China's National Development and Reform Commission.

The acquisition and tender offer totally cost less than CAD 200 million, including CAD 76.18 million for the 100% stake in Canadian Royalties and CAD 110 million for convertible bonds worth CAD 137 million.

Source: www.cs.com.cn (November 12, 2009)

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