Reuters reported that Jilin Jien Nickel Industry and Canadian Goldbrook Ventures Inc have extended its offer to acquire Canadian Royalties Inc by a month to October 15th 2009.

Jilin Jien and Goldbrook, which formed Jien Mining Canada Limited to pursue their takeover bid, however, did not raise their cash offer of 60 Canadian cents for each share of Canadian Royalties. The companies are offering total cash consideration of CAD 148.5 million for control of Canadian Royalties.

In August 2009, Canadian Royalties rejected the offer, saying it did not recognize the strategic value of its Nunavik nickel project. Canadian Royalties had also recommended shareholders and debenture holders to reject the unsolicited offers.

Jien Canada said in a statement that "In order to facilitate the transaction we have extended the bid to make our offers a permitted bid under Canadian Royalties."

It added that it was receiving tremendous support from Canadian Royalties' security holders.

A takeover of Canadian Royalties could significantly increase Jilin Jien's nickel production as it would add Canadian Royalties' Nunavik project to its fold.

(Sourced from www.reuters.com)