Tag Archives: Mi’kmaw First Nations
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
Canada gives Mi’kmaq 14% of lucrative Maritime elver fishery for 2nd year
For a second year, the federal government is giving Mi’kmaw First Nations 14 per cent of the lucrative Maritime fishery for baby eels — or elvers — without compensating commercial licence holders. The transfer implements the Mi’kmaw treaty right to fish for a moderate living, but also sets the stage for further court challenges by commercial elver licence holders. “I’m quite confident that we will be taking legal action based on this again,” said Michel Samson, a lawyer representing Wine Harbour Fisheries. Wine Harbour is one of several licence holders in federal court trying to overturn the 2022 decision, saying it was unfair and rushed. >click to read< 08:59
