Tag Archives: Membertou
Refinancing Clearwater loan worth millions in annual cash flow for Mi’kmaw owners
Mi’kmaw First Nations that own half of Canadian seafood giant Clearwater will finally start seeing multi-million dollar cash flows from their investment thanks to a loan refinancing that slashes interest payments. Their partner in the landmark deal, Premium Brands of Richmond, B.C., lent a coalition of seven Mi’kmaw First Nations about $240 million to cover their equity purchase of Clearwater in 2020. But the loan came with a hefty 10 per cent interest rate, according to the non-profit First Nations Financial Authority. Premium has agreed to refinance $100 million of that debt through the First Nations Financial Authority at its interest rate of 4.2 per cent, the authority said Tuesday. more, >>click to read<< 12:37
Premium Brands and Mi’kmaq First Nations Coalition Announce Acquisition Completion of Clearwater Seafoods Inc.
“We are very excited to have a world class seafood company like Clearwater join our ecosystem.,,, said George Paleologou, President and CEO of Premium Brands. “We are also very pleased to be partnering with the Membertou, Miawpukek, Sipekne’katik, We’koqma’q, Potlotek, Pictou Landing and Paqtnkek communities. “This is a significant achievement for the Mi’kmaq,” said Chief Terry Paul, Membertou First Nation. “Mi’kmaq not only become 50% owners of the company but expect to hold Clearwater’s Canadian fishing licences within a fully Mi’kmaq owned partnership. >click to read< 09:23
Clearwater sold for $1 billion, Mi’kmaq First Nations to control half of company
In a billion-dollar deal, Clearwater Seafoods Incorporated has been sold to a coalition of Mi’kmaq First Nations and Premium Brands Holdings Corporation. The two entities will each own 50 per cent of the new company.,, The deal has been unanimously approved by Clearwater’s board of directors but is subject to approval by shareholders, says a release from the company. The release says the deal signals a massive change in the Canadian fisheries sector, “catapulting First Nations into a leading global position in the seafood industry.” >click to read< 20:17
