Canadian Royalties Inc. has rejected the unsolicited takeover offer from a joint venture led by China-based Jilin Jien Nickel Industry Co., saying the offer did not recognize the strategic value of its Nunavik nickel project. In early August 2009, Canada’s Goldbrook Ventures Inc. and Jilin Jien Nickel formed Jien Mining Canada Ltd, to jointly bid for Canadian Royalties. The companies offered to buy shares of Canadian Royalties at 60 Canadian cents a share for a total cash consideration of about CAD 148.5 million. Canadian Royalties recommended shareholders and debenture holders to reject the unsolicited offers.