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MONTREAL, QUEBEC--(Marketwire - Sept. 14, 2009) - Canadian Royalties Inc. (the "Company", or "Canadian Royalties")(TSX:CZZ) reaffirms today that, consistent with its recommendations, the offers made by Jien Canada Mining Ltd. ("Jien"), Jilin Jien Nickel Industry Co., Ltd., Jien International Investment Ltd. and Goldbrook Ventures Inc. (the "Jien Offers") appear at this time to be unlikely to attract meaningful interest from its securityholders. The Jien Offers are set to expire tomorrow, September 15, 2009, at 5:00 p.m. Toronto time, unless extended or withdrawn.
Canadian Royalties further notes that despite the Jien Offers being set to expire tomorrow, there has been no announcement by Jien regarding receipt of the necessary approvals from the People's Republic of China ("PRC"). Receipt of these approvals is a condition of the Jien Offers and any transaction involving a Chinese party cannot be completed without these approvals in hand. In addition, Jien stated in its press release dated August 27, 2009 that it had no intention of extending the Jien Offers beyond September 15, 2009, despite the fact that the PRC approval conditions of those offers have yet to be met.
The Company confirms that to date it has not received an amended proposal from Jien and that the Board of Directors continues to aggressively pursue alternative value-maximizing initiatives to enhance securityholder value.
Glenn Mullan, Chief Executive Officer and Chairman of the Board of Directors, stated, "We thank our shareholders and debentureholders for continuing to support the company over the last few weeks. In all of our discussions with stakeholders, there has been a consistent understanding of the value inherent in Canadian Royalties and the Nunavik Nickel Project and rejection of the Jien Offers acts as overwhelming evidence supporting this understanding."
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