VANCOUVER – Goldbrook Ventures Inc. (TSXV:GBK) says it will take any steps necessary to restore its 25 per cent interest in the Nunavik nickel project, following an arbitration decision in the company’s favour.
Goldbrook announced Wednesday that it had successfully argued that its interest in the nickel project had been improperly reduced to 4.2 per cent by a 2009 shareholders agreement among the Jilin Jien group of companies.
The dilution of Goldbrook’s holding occurred when Jilin Jien issued 494 voting common shares of Jien Canada Mining Ltd., which owns the project
An arbitration tribunal found that Goldbrook is entitled to be the holder of 25 per cent of the voting shares of Jien Canada and that the 494 voting shares issued under the 2009 transaction were contrary to a shareholders agreement.
The tribunal said it would require more submissions from the parties if Goldbrook seeks an award directing what steps must be taken to restore the holding.
Goldbrook said it “intends to pursue any further steps necessary in order to restore its 25 per cent interest in the Nunavik nickel project.”
Besides their involvement through Jien Canada, Goldbrook and Jilin Jien Nickel Industry Co., Ltd. are 50-50 joint venture partners in a mineral project in Quebec’s Raglan district.
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