CHILLIWACK, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) — Stonlasec8 Indigenous Alliance Limited Partnership (Stonlasec8), an Indigenous-owned partnership representing 36 First Nations in B.C, announced today it has entered into an agreement to invest approximately CAD$715 million through a wholly-owned subsidiary to acquire a 12.5% interest in Enbridge Inc.’s Westcoast natural gas pipeline system. The agreement is subject to completion of required financing, closing conditions and customary closing adjustments. The transaction is expected to close at the end of the second quarter of 2025.
Stonlasec8 has also reached an agreement with Canada Indigenous Loan Guarantee Corporation (CILGC), a subsidiary of Canada Development Investment Corporation (CDEV), on a CDN$400 million loan guarantee to support the transaction. On closing, this historic equity investment will be the first major investment to receive a loan guarantee under the Canadian Indigenous Loan Guarantee Program, announced by the Government of Canada last Spring.
“Today is a significant milestone for the First Nations involved in Stonlasec8 and we are incredibly grateful to have the Government of Canada’s strong support to bring this deal to fruition,” said Chief David Jimmie, President and Chair of Stonlasec8 and Chief of Squiala First Nation. “Our Nations can expect to receive sustained economic benefits from an asset that has operated within our traditional territories for over 65 years.”
“The agreement between Stonlasec8, Enbridge and the Government of Canada is truly groundbreaking,” added Justin Napoleon, Director of Stonlasec8 and former Chief of Saulteau First Nation. “The loan guarantee supporting the equity purchase transaction will bring increased economic prosperity to our communities, including funding for critical investments in housing, infrastructure, environmental stewardship, and cultural preservation.”
“Enbridge’s Westcoast natural gas pipeline system is a critical piece of energy infrastructure that has been providing people with the energy they need for more than 65 years,” said Cynthia Hansen, Enbridge’s Executive Vice President and President of Gas Transmission and Midstream. “This transaction provides an opportunity to build on our relationships with Indigenous communities and advance reconciliation.”
“I want to thank everyone who contributed to making this historic and highly complex transaction possible. Today’s announcement also underscores CDEV’s role as a catalyst for transformative initiatives that benefit all Canadians,” said Elizabeth Wademan, President and CEO of CDEV, the parent company of CILGC. “We launched CILGC in record time with a commitment to operate at the speed of business. The CDEV team is proud of the leading role it played on this transaction, and for the partnership created through this deal.”
“This loan guarantee is a testament to our commitment to fostering Indigenous economic reconciliation and ensuring that Indigenous Peoples have a meaningful stake in Canada’s economic growth,” said the Honourable François-Philippe Champagne, Minister of Finance. “We are proud to support First Nations in B.C. in this historic endeavour.”
“This landmark agreement is a powerful example of how our new federal government is getting things done in Canada,” said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. “I am proud to support Indigenous leadership and industry coming together to drive long-term economic prosperity and reconciliation for all Canadians.”
About Stonlasec8
Stonlasec8 Indigenous Alliance Limited Partnership is a newly formed, Indigenous-owned limited partnership that includes 36 British Columbia First Nations. The Board of Directors represent the regions impacted by the Westcoast Pipeline Assets and will steward the Nation’s investment in these assets to ensure long-term economic benefits and oversight.
TD Securities Inc. is acting as financial advisor to Stonlasec8, Boughton Law as legal counsel, and MNP LLP as tax and business advisor.
For further information, please contact:
Allie Meeres
Stonlasec8
Phone: 778-918-1250
Email: allie@sedgwickstrategies.ca
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may be considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements include, but are not limited to, statements relating to the proposed investment by Stonlasec8 to acquire an indirect 12.5% equity interest in Enbridge’s Westcoast Pipeline System for approximately $715 million, including, but not limited to, the loan guarantee by the Government of Canada to finance part of the investment, as well as the expected timing for completing the transaction. Actual results could differ materially from the expectations contained in such forward-looking information.
These forward-looking statements reflect Stonlasec8’s current expectations or beliefs and are based on information currently available to Stonlasec8. In some cases forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those reflected in the forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors including, without limitation: expectations with respect to the project underlying the proposed investment by Stonlasec8; final approval of the transaction by the parties; the expected supply and demand for the products contemplated by the proposed investment; global economic growth and trade; anticipated exchange rates; inflation; and interest rates; operational reliability and performance; customer, regulatory and stakeholder support and approvals; weather; expectations regarding financing for the proposed transaction, including the equity loan guarantee by the Government of Canada; governmental legislation and approvals; litigation; credit ratings; hedging program; expected earnings and cashflows; estimated future dividends; financial strength and flexibility; investment capacity; debt and equity market conditions; and general economic and competitive conditions. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty.
Although Stonlasec8 believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Stonlasec8 expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except as may be required by, and in accordance with, applicable securities laws.
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