NDRC OKs Jilin Ji En Nickel to Buy into Liberty Mines
Thu. May 21, 2009; Posted: 08:18 AM
tradingmarkets.com
JILIN, May 21, 2009 (SinoCast Daily Business Beat via COMTEX) -- LBEFF | Quote | Chart | News | PowerRating -- Jilin Ji En Nickel Industry Co., Ltd. (SHSE: 600432), a key nickel mining and refining company in China, has recently gained the approval from the National Development and Reform Commission (NDRC) to buy into Canada-listed Liberty Mines, Inc.
The Chinese company announced on April 11, 2009 that it planned to pay CAD 30 million for 85,732,763 common shares and 186,994,509 preferred shares of Liberty Mines, or CAD 0.11 for per share. Then it would obtain 51% of the total common shares of Liberty Mines.
As of the USD 15.337 million debts Liberty Mines owes to Ji En Nickel, the Canada-listed company will pay in cash or nickel concentrate within two years. If it fails to pay them off in time, the remaining will be converted into common shares of Liberty Mines at CAD 0.11 per share.
In late April 2009, Jilin Ji En Nickel won go-ahead from the Toronto Stock Exchange (TSX) to buy into in the Canada-listed company, earlier reports said.
Source: www.shihua.com.cn (May 21, 2009) |
