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Briefly: October 23, 2009
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Power deal
Plutonic Power Corporation has sealed a $70-million financing deal with a Montreal-based firm.
Cormark Securities Inc. and a syndicate of underwriters will pay $70.35 million in a bought deal for 21 million Plutonic common shares. A bought deal occurs when an underwriter, such as an investment bank or a syndicate, purchases securities from an issuer before a preliminary prospectus is filed. The net proceeds of the offering will be used for commitments previously made with respect to the Toba Montrose project transmission line and the acquisition of the Dokie Ridge wind project near Chetwynd, as well as for general corporate purposes.
The 145-kilometre transmission line is part of the $660-million, 196-megawatt East Toba River and Montrose Creek run-of-river hydroelectric project, currently under construction. Plutonic expects to begin power delivery to BC Hydro in 2010.
Plutonic and its investment partner, GE Energy Financial Services, are buying Dokie from EarthFirst Canada, a Calgary-based company that is in creditor protection.
Treaty on hold
Tla'Amin (Sliammon) First Nations' stalled treaty progress was used as an example of Ottawa's lack of commitment in the BC Treaty Commission's 16th annual report.
"From the Government of Canada, there have been extended periods of silence and inaction creating the impression they lack commitment," said Chief Commissioner Sophie Pierre. "A worrisome example is their lack of a fish mandate."
The fish chapter is the only outstanding provision to be negotiated in the Tla'Amin final agreement. The first nation has been negotiating the treaty for 13 years and has borrowed $9 million for the process.
The treaty commission made an urgent plea to Fisheries and Oceans Minister Gail Shea and Indian and Northern Affairs Minister Chuck Strahl in August to resolve the fish issue for Tla'Amin so that negotiators can conclude negotiations and a vote by Tla'Amin members can proceed, according to a statement in the commission's 2009 annual report. "The treaty commission will continue pressing for treaty completion and have offered to work with the federal government to find a solution to the fish issue," the report stated.
Recover vessel
Powell River RCMP received a report of a Sea-Doo having been found floating on Powell Lake with a line attached to it on Tuesday, October 20. The Sea-Doo has been recovered and investigators are requesting the owner or anyone with information to contact police. A detailed description and serial number must be provided to police in order to claim the personal watercraft.
Plutonic Power Corporation has sealed a $70-million financing deal with a Montreal-based firm.
Cormark Securities Inc. and a syndicate of underwriters will pay $70.35 million in a bought deal for 21 million Plutonic common shares. A bought deal occurs when an underwriter, such as an investment bank or a syndicate, purchases securities from an issuer before a preliminary prospectus is filed. The net proceeds of the offering will be used for commitments previously made with respect to the Toba Montrose project transmission line and the acquisition of the Dokie Ridge wind project near Chetwynd, as well as for general corporate purposes.
The 145-kilometre transmission line is part of the $660-million, 196-megawatt East Toba River and Montrose Creek run-of-river hydroelectric project, currently under construction. Plutonic expects to begin power delivery to BC Hydro in 2010.
Plutonic and its investment partner, GE Energy Financial Services, are buying Dokie from EarthFirst Canada, a Calgary-based company that is in creditor protection.
Treaty on hold
Tla'Amin (Sliammon) First Nations' stalled treaty progress was used as an example of Ottawa's lack of commitment in the BC Treaty Commission's 16th annual report.
"From the Government of Canada, there have been extended periods of silence and inaction creating the impression they lack commitment," said Chief Commissioner Sophie Pierre. "A worrisome example is their lack of a fish mandate."
The fish chapter is the only outstanding provision to be negotiated in the Tla'Amin final agreement. The first nation has been negotiating the treaty for 13 years and has borrowed $9 million for the process.
The treaty commission made an urgent plea to Fisheries and Oceans Minister Gail Shea and Indian and Northern Affairs Minister Chuck Strahl in August to resolve the fish issue for Tla'Amin so that negotiators can conclude negotiations and a vote by Tla'Amin members can proceed, according to a statement in the commission's 2009 annual report. "The treaty commission will continue pressing for treaty completion and have offered to work with the federal government to find a solution to the fish issue," the report stated.
Recover vessel
Powell River RCMP received a report of a Sea-Doo having been found floating on Powell Lake with a line attached to it on Tuesday, October 20. The Sea-Doo has been recovered and investigators are requesting the owner or anyone with information to contact police. A detailed description and serial number must be provided to police in order to claim the personal watercraft.
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overtaxed wrote on Nov 14, 2009 8:53 PM:
• To amend the purchasing policy by deleting the stipulation that all expenditure or purchase commitments over $100,000 require the prior approval of council and substituting it with a requirement that all expenditure or purchase commitments over $150,000 will be reported to council on a quarterly basis. "