TSXV:GBK - Post Discussion
Post by
couples4 on Dec 21, 2011 7:51pm
news
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Goldbrook wins final arbitration award against JCML
2011-12-21 18:58 ET - News Release
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Mr. David Baker reports
GOLDBROOK ANNOUNCES ARBITRATION AWARD
On Dec. 20, 2011, Goldbrook Ventures Inc. received a final award in respect of the arbitration proceeding it commenced on March 30, 2011, against Jilin Jien Nickel Industry Co., Ltd. (JJ), Jien International Investments Ltd. (JIIL) and Jien Canada Mining Ltd. (JCML) in respect of JCML's purported approval of a loan of up to $357,497,576 from JJ's affiliate JHG Capital Inc.
The unanimous final award of the arbitral panel declared that JCML breached the shareholder's agreement by purporting to approve the JHG loan facility without the unanimous consent of the JCML board. The tribunal further declared that JCML breached the agreement by failing to provide information, including the executed commitment letter for the JHG loan facility to the Goldbrook nominee directors. In addition, the tribunal has made an award of costs in favour of Goldbrook whereby JCML will pay to Goldbrook 75 per cent of Goldbrook's actual reasonable legal fees and expenses related to this arbitration, including Goldbrook's share of the arbitrator's remuneration and expenses.
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