Goldbrook to oppose Jilin partial-award-appeal bidTicker Symbol: C:GBK
Goldbrook to oppose Jilin partial-award-appeal bid
Goldbrook Ventures Inc (C:GBK)
Shares Issued 209,903,171
Last Close 9/21/2011
.265
Thursday September 22 2011 - News Release
Mr. Brian Grant reports
ARBITRATION UPDATE
Goldbrook Ventures Inc. is providing the following update.
On September 19, 2011, Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien"), Jien International Investment Ltd. ("Jien International"), and Jien Canada Mining Ltd. ("Jien Canada") filed a petition in British Columbia Supreme Court seeking an order granting leave to appeal the Partial Final Award of the arbitral tribunal dated July 20, 2011 (the "Award").
As Goldbrook announced on July 20, 2011, the Arbitration Tribunal found in that Award that Goldbrook is entitled under the Shareholder, Joint Bid and Operating Agreement among Goldbrook, Jilin Jien, Jien International and Jien Canada dated August 6, 2009 (the "Shareholders Agreement") to be the holder of 25% of the voting shares of Jien Canada and that an issuance of shares that would have reduced Goldbrook's interest in the Nunavik Nickel Project to 4.21% was not authorized by, and was contrary to, the Shareholders Agreement.
Pursuant to section 31 of the British Columbia Commercial Arbitration Act, in order to obtain leave to appeal, Jilin Jien and its affiliates must establish that the appeal sought is on a question of law arising out of the Award. If Jilin Jien and its affiliates are able to establish that the appeal sought is on a question of law, the petition provides that they must also establish (i) that the importance of the result of the arbitration to the parties justifies the intervention of the court, (ii) that determination of the point of law may prevent a miscarriage of justice, and (iii) that granting of leave is an appropriate exercise of judicial discretion.
Goldbrook will oppose the petition for leave to appeal the Award.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.