TORONTO, Mar. 27 -- Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") and Goldbrook Ventures Inc. ("Goldbrook") (TSX-V: GBK) announced today that, further to Jilin Jien's news release dated March 22, 2012, notices of compulsory acquisition under the Business Corporations Act (British Columbia) dated March 23, 2012 and related letters of transmittal were mailed by 0931017 B.C. Ltd. (the "Offeror"), an indirect wholly-owned subsidiary of Jilin Jien, to registered holders of common shares ("Shares") and common share purchase warrants ("Warrants") of Goldbrook who did not tender such Shares and Warrants to the offer ("Offer") made by the Offeror to acquire all of the issued and outstanding Shares and Warrants.
Upon completion of the compulsory acquisition, the Offeror intends to take the necessary steps to delist the Shares from the TSX Venture Exchange and to have Goldbrook cease to be a reporting issuer under the securities laws of each of the Provinces of British Columbia, Alberta and Ontario.
Goldbrook has applied to the British Columbia Securities Commission to request an exemption from certain continuous disclosure obligations pending the completion of the compulsory acquisition, including the requirement to prepare, file and mail, as applicable, to Goldbrook shareholders Goldbrook's interim financial statements and related materials in respect of the interim period ended January 31, 2012.
This press release does not constitute an offer to buy or sell, or the solicitation to buy or sell, any of the securities of Goldbrook.