Goldbrook Ventures' says Chinese partner to make C$100 mln offer

Fri, Jan 20 12:29 PM EST Jan 20 (Reuters) - Goldbrook Ventures Inc said privately held Chinese partner Jilin Jien Nickel Industry Co has agreed to make a C$100 million offer to buy the Canadian miner. Jilin Jien's 39 Canadian cents a share proposal represents a premium of about 59 percent to Goldbrook stock's closing price of 24.5 Canadian cents on the Toronto Venture Exchange on Thursday. Goldbrook is engaged in the exploration and development of nickel, copper, platinum sulphide deposits. Under the agreement, Goldbrook's board have the option to terminate the deal in favour of a superior proposal by paying a fee of C$3 million and subject to Jilin Jien's right to match the offer. Goldbrook owns 25 percent in Nunavik Nickel Project in the Jilin Jien's majority owned project in Canada. Jilin Jien has also agreed to lend C$2 million to Goldbrook as interim funding. The companies have decided not to proceed with litigation and arbitration proceedings between them, subject to the completion of the offer. Shares of the Vancouver, British Columbia-based company were up 41 percent at 34.5 Canadian cents in midday trade on Friday.