http://www.tradingmarkets.com/.site/...

JILIN, Apr 27, 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, just got go-ahead from the Toronto Stock Exchange (TSX) to take stake in Canada-listed Liberty Mines, Inc.

TSX requires Liberty Mines to finish internal fundraising before May 22, 2009, while the equity investment by Ji En Nickel should be approved by the shareholders of the Chinese company and the Chinese government as well.

Ji En Nickel previously announced that it planned to invest CAD 30 million in buying 85,732,763 common shares of 186,994,509 preferred shares of Liberty Mines at CAD 0.11 per share. Then it would hold 51% of the total common shares of Liberty Mines.

As of the USD 15.337 million debts Liberty owes to Ji En Nickel, Liberty Mined will pay in cash or nickel concentrate in two years. If it fails to pay off in time, the remaining debts will be converted into common shares of Liberty Mines at CAD 0.11 per share.

Source: www.shihua.com.cn (April 27, 2009)