Goldbrook Files Petition in the Supreme Court of British Columbia
Published : April 19, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Cobalt |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Goldbrook Ventures Inc. (News - Market indicators) ("Goldbrook") announces that on April 18, 2011 it filed a petition in the Supreme Court of British Columbia against Jien Canada Mining Ltd. ("JCML"), Jilin Jien Nickel Industry Co., Ltd. ("JJNI"), Jilin International Investment Ltd. ("JIIL") and Canadian Royalties Inc. ("CRI") seeking a declaration that the affairs of JCML have been and are being conducted in a manner that is oppressive or unfairly prejudicial to Goldbrook or which unfairly disregards the interests of Goldbrook.

Goldbrook alleges in the petition that the following acts of JCML, or the exercise of powers by JCML's directors, are oppressive or unfairly prejudicial to Goldbrook or unfairly disregard the interests of Goldbrook:

  1. the exclusion of Goldbrook from effective or any participation in the governance and supervision of management of JCML and CRI by, amongst other acts or omissions, failing to provide adequate or timely financial information relating to the affairs of JCML, failing to provide complete or timely technical information pertaining to the development and valuation of the assets of JCML and its wholly owned subsidiary, CRI, and failing to adhere to the terms of the shareholder agreement entered into between Goldbrook, JCML, JJNI and JIIL;
  1. the purported dilution of Goldbrook's interest in JCML through the issue to the majority shareholders of JCML, being the Respondents JJNI and JIIL (collectively "JJ"), of additional Class "A" Voting Common Shares in JCML; and
  1. the purported approval over the objection of the Goldbrook nominee directors, of a $357 million loan facility with an affiliate of JJ.

Goldbrook is seeking orders including that:

  • a qualified valuator prepare a mineral property valuation with respect to the property of CRI;
  • JCML and CRI be directed to provide all books, records and information as are necessary for the purpose of preparation of the mineral property valuation;
  • The Class "A" Voting Common Shares issued JIIL in furtherance of the resolution passed at the JCML board of directors meeting on September 21, 2010 be cancelled and no further Class "A" Voting Common Shares be issued without the unanimous consent of the JCML board of directors; and
  • JJ, or alternatively JCML, purchase the shares of Goldbrook in JCML at fair value in an amount to be determined by the Court.

This dispute is in addition to the arbitration that is ongoing between Goldbrook and Jilin Jien in respect of Jilin Jien's purported dilution of Goldbrook's 25% interest in JCML announced on October 20, 2010, the arbitration arising out of the Option and Joint Venture Agreement dated August 28, 2008 announced on March 8, 2011 and the arbitration in respect of the approval of a loan facility agreement to fund JCML's 2011 Program and Budget announced on March 30, 2011.

Construction of the Nunavik Nickel Project continues notwithstanding the ongoing legal disputes between the owners of the project.

About Goldbrook

Goldbrook Ventures is engaged in the exploration and development of Nickel-Copper-Platinum Group Element sulphide deposits – a class of mineral deposit that, due to its polymetallic nature, has an advantage of protection against individual metal price cycles and has strong long term supply-demand fundamentals. Goldbrook's quest for discovery is focused in the Raglan District of Northern Quebec, a district that hosts Xstrata's Raglan operations, arguably one of the world's most profitable nickel-copper-PGE mines.

Goldbrook's Raglan project is in an option-joint venture agreement with Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") under which they can earn a fifty percent interest in the Goldbrook properties by funding minimum exploration expenditures of $45 million plus reinvestment of Quebec government rebates. Jilin Jien recently commenced arbitration proceedings against Goldbrook disputing Goldbrook's assertion that they have not yet fulfilled the conditions to vesting their interest in the project.

Goldbrook is a shareholder of Jien Canada Mining Ltd. ("Jien Canada") (which successfully acquired Canadian Royalties Inc.), the owner of the nickel-copper-cobalt-platinum-palladium-gold deposits in the Raglan mining district which collectively form the Nunavik Nickel Project. The board of Jien Canada has recently purported to approve an issuance of voting common shares of Jien Canada that would reduce Goldbrook's percentage of voting shares, and consequently Goldbrook's interest in the project, from 25% to 4.21%. Goldbrook has commenced arbitration proceedings against Jilin Jien and others seeking remedies, including declarations that the share issuance violated the terms of the Shareholder Agreement between the parties and that Goldbrook continues to hold 25% of the voting shares of Jien Canada.

ON BEHALF OF THE BOARD:

Edward T. Gardner, CEO and Director

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws and the applicable securities laws of the United States. Such forward looking statements or information include, but are not limited to, statements or information with respect to Goldbrook's plan for future exploration and development of its properties and the results of any arbitration proceedings against Jilin Jien and others.

Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward looking statements or information. Factors related to such risks and uncertainties, and underlying estimates and assumptions include, among others, the following: the ability of Goldbrook to advance development of its properties; price volatility of nickel and other metals; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated resources, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of mineral exploration; defective title to mineral claims or property, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. Accordingly, undue reliance should not be placed on forward looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Goldbrook Ventures Inc.
Edward T. Gardner
CEO and Director
604-683-8083 or TF: 1-888-488-9884
604-683-8087 (FAX)
www.goldbrookventures.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Goldbrook Ventures Inc

EXPLORATION STAGE
CODE : GBK.V
ISIN : CA38076R1091
CUSIP : 38076R 10 9
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Goldbrook Ventures is a gold exploration company based in Canada.

Goldbrook Ventures holds various exploration projects in Canada.

Its main exploration properties are NUVILIK, RAGLAN / BELANGER, SYLVIE, UNGAVA, SCOTT and MASUPARIA PROJECT in Canada.

Goldbrook Ventures is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 80.8 millions as of today (US$ 78.8 millions, € 62.9 millions).

Its stock quote reached its highest recent level on December 31, 2003 at CA$ 0.80, and its lowest recent point on December 24, 2008 at CA$ 0.04.

Goldbrook Ventures has 230 989 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate Presentations of Goldbrook Ventures Inc
11/21/2009Goldbrook positioned for nickel production in Quebec
4/7/2008Research note
Annual reports of Goldbrook Ventures Inc
2008 Annual Report
Financings of Goldbrook Ventures Inc
10/12/2011Announces Non Brokered Private Placement
Nominations of Goldbrook Ventures Inc
3/28/2011Announces Executive Appointment
4/30/2010Appoints New CEO and Director
Project news of Goldbrook Ventures Inc
8/19/2011(Nunavik)Nunavik Nickel Project Update
7/21/2011(Nunavik)Entitled to 25% Interest in Nunavik Nickel Project
7/13/2010(Raglan / Belanger)Commences 2010 Drill Program on Raglan Project
6/24/2010(Raglan / Belanger)Raglan Project Mobilizes Summer Field Crews
4/14/2010(Nunavik)Receives NI 43-101 on Nunavik Nickel Project
11/12/2009(Raglan / Belanger)2009 Drilling Enhances Mystery Ni-Cu-PGE Sulphides
10/6/2009(Raglan / Belanger)Discovers Deep Extension to Ni-Cu-PGE Sulphides at TIMTU
6/30/2009(Raglan / Belanger)Announces Start of Raglan Drilling Program 2009
5/26/2009(Raglan / Belanger)Exploration Update
11/7/2008Intersects 76.3 metres .91% Ni, 1.11% Cu 2.94 g/t PGE + AU
9/3/2008(Raglan / Belanger)Discovers Ni-Cu-PGE Sulphide Zone at Mystery
5/9/2008(Raglan / Belanger)Announces Multiple Intersections at Getty
5/1/2008(Raglan / Belanger) Announces 6.05 Metres 2.72% Nickel at Sylvie
6/3/2005(Raglan / Belanger)Anglo American form Raglan joint venture
Corporate news of Goldbrook Ventures Inc
1/31/2012JJ Offer and GBK Directors' Circular Recommending Tender to ...
1/20/2012Executes Support Agreement with Jilin Jien for Friendly $0.3...
12/22/2011Announces Arbitration Award
12/20/2011Announces Results of 2011 Shareholders Meeting
12/19/2011(Nunavik)Noel Nunavik Nickel
11/30/2011Jilin Jien Requests Consent to Make an Offer
9/22/2011Arbitration Update
7/26/2011Clarifies Arbitration Award
4/19/2011Files Petition in the Supreme Court of British Columbia
3/31/2011Announces Notice of Arbitration
8/13/2010from Michael A Berry Morning Notes
7/8/2010Receives Additional 2010 Exploration Funding
6/29/2010(Nunavik)LOI with SNC Lavalin for Nunavik Nickel Project
6/2/20102010 Exploration Update
6/1/2010Are You The Winner ?
3/26/2010Participates in Hong Kong Conference
3/24/2010Receives Additional Funding For 2010 Exploration Program
3/3/2010Receives Initial Funding for 2010 Exploration
1/21/2010Chairman's Update
1/15/2010Confirms Delisting of Canadian Royalties
1/13/2010and Canadian Royalties Complete Plan of Arrangement
1/5/2010/Jien Offer Approved By Canadian Royalties Shareholders
11/23/2009Special Report on Goldbrook Ventures Inc.
11/12/2009Jien Canada Takes Up Shares & Debentures of Canadian Royalti...
10/29/2009Expands Pad Zone
10/28/2009Jien Canada Reports Tender Results
10/16/2009Jien Canada And Canadian Royalties Sign Agreement
9/21/2009Expands Mystery Ni-Cu-PGE Sulphide Zone
9/10/2009Drills 95.4 m of .78% Ni - Discovers New Zone
8/27/2009Offer Represents Full and Fair Value
8/10/2009Jilin Jien and Goldbrook Formally Commence All- Cash Bid for...
6/26/2009Northern Miner Article
6/17/2009Announces Camp Mobilization
2/11/2009Receives Initial Funding for 2009 Exploration
11/26/2008Receives Quebec Refund
11/26/2008and Jilin Jien Nickel Hold Signing Ceremony in Beijing
11/26/2008Re-Elects Directors
11/3/2008Mystery Zone Additional Results
9/15/2008Expands Ni-Cu-PGE Sulphide Zone at Mystery
8/29/2008Signs Agreement with Jilin Jien Nickel
8/25/2008looks to China for partnership
8/22/2008Extends Letter of Intent with Jilin Jien Nickel
8/7/2008Extends LOI with Jilin Jien Nickel
7/18/20082008 Exploration Program at Raglan Underway
6/20/2008Enters LOI with Jilin Jien Nickel
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (GBK.V)FRANKFURT (GVE.F)
0.350+12.90%0.274-13.84%
TSX-V
CA$ 0.350
05/24 10:06 0.040
12.9%
Prev close Open
0.310 0.350
Low High
0.350 0.350
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.350 2.94%
Volume 1 month var.
10,000 2.94%
24hGold TrendPower© : -20
Produces
Develops
Explores for Copper - Gold - Nickel - Palladium - Platinum
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.47-4.60%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.81-3.30%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+2.39%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.45+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.13-0.83%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.27+1.89%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-14.29%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.42+1.68%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 71.14+3.00%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :