October 30, 2009 09:38 ET
Jien Canada Reiterates That Canadian Royalties Offers Are Full and Final
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2009) - Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien"), Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK), Jien Canada Mining Ltd., and Jien International Investment Ltd. (collectively "Jien Canada") announced today that based on various discussions with Canadian Royalties Inc. ("Canadian Royalties", TSX: CZZ) security holders, on commentary in the media, and on current trading prices for the Canadian Royalties debentures, Jien Canada believes there may be speculation in the market that it may consider changes to the terms of its offers for the Canadian Royalties shares and debentures, and in particular that Jien Canada may consider an increase in its bid price for the debentures.
Jien Canada reiterates that its offers are full and final, that its offers will not, under any circumstances, be increased in price, extended past November 10th, 2009 (if unsuccessful), or the terms otherwise varied. The Jien Canada offers represent full and fair value for Canadian Royalties and reflect the maximum amount that Jien Canada is prepared to pay for this acquisition. Jien Canada believes its cash offers are an attractive alternative to what would likely be an extended process of restructuring with an uncertain outcome if the minimum tender conditions of 66 2/3% of both the shares and the debentures are not met.