Goldbrook learns Jilin in breach of agreementGoldbrook learns Jilin in breach of agreement
2011-09-28 11:31 ET - News Release
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Mr. David Baker reports
ARBITRATION TRIBUNAL DECLARES JILIN JIEN NICKEL INDUSTRY CO., LTD. IN BREACH OF SHAREHOLDERS AGREEMENT; GOLDBROOK'S 25% INTEREST IN NUNAVIK NICKEL PROJECT TO BE RESTORED
As Goldbrook Ventures Inc. previously announced on July 20, 2011, the arbitration tribunal issued a partial final award in respect of the arbitration relating to the purported dilution of Goldbrook's interest in the Nunavik nickel project. In that partial final award, the arbitration tribunal found that Goldbrook is entitled under the shareholder, joint bid and operating agreement between Jilin Jien Nickel Industry Co., Ltd. (JJNI), Jien International Investment Ltd. (JIIL) and Jien Canada Mining Ltd., dated Aug. 6, 2009, to be the holder of 25 per cent of the voting shares of Jien Canada, the owner of the Nunavik nickel project, and that the purported dilution of Goldbrook's interest was not authorized by, and was contrary to the shareholders agreement. The tribunal further directed that the parties make supplemental submissions on the issue of which parties were in breach of the shareholders agreement and the appropriate steps to be taken to restore Goldbrook's 25-per-cent interest.