Strathcona Shifts to Pure Heavy Oil Producer With $2 Billion Montney Sale
Canadian oil tycoon Adam Waterous's Strathcona Resources Ltd. agreed to sell its assets in the Montney shale formation in western Canada in a shift that makes it a pure heavy oil producer.
Strathcona is disposing of gas-focused operations in three separate transactions worth C$2.8 billion ($2 billion). The largest will see the company sell its Kakwa asset to ARC Resources Ltd. for C$1.7 billion in cash and assumed lease obligations.
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Yahoo
an hour ago
- Yahoo
SOLLUM TECHNOLOGIES PARTNERS WITH OPTIMAL TO ADVANCE AI GREENHOUSE CONTROL
BRINGING TOGETHER DYNAMIC LIGHTING AND AI CLIMATE CONTROL FOR NEXT-LEVEL PRECISION CEA MONTRÉAL and LONDON, June 10, 2025 /CNW/ - Sollum Technologies is pleased to announce a strategic partnership with Optimal, a leader in AI greenhouse control. This collaboration integrates Sollum's 100% dynamic LED lighting with Optimal's AI climate and irrigation control platform, enabling growers to precisely execute their desired growing strategy under rapidly changing weather conditions. "Growers today use Optimal to create their desired climate conditions without spending hours adjusting settings," said Dave Hunter, CEO and Founder of Optimal. "With Optimal, growers spend less than 10 minutes per week on climate and irrigation control, yet achieve higher yield, quality, and energy efficiency. Lighting is one of the most powerful levers in a greenhouse. Integrating with Sollum's dynamic LEDs gives our AI the flexibility to adjust that lever in real time. It's a natural extension of our platform." By integrating with Sollum's proprietary SUN as a Service® platform, Optimal's AI anticipates the impact of light and balances it with climate and irrigation in real time. Optimal's AI seamlessly updates settings in the grower's existing control computer. The result for growers is a fully automated system that precisely executes their growing strategy 24/7 across lighting, climate, and irrigation. "Our dynamic lighting solution was built to adapt — and this partnership takes that adaptability to the next level," said François R.-Moisan, co-founder and CTO at Sollum Technologies. "By connecting with Optimal's decision-making engine, our platform becomes even more responsive to crop needs. Together, we're providing growers with a seamless and intelligent way to optimize production." To learn more about Sollum's dynamic LED solution, please contact: USA: Matthew Bonavita, Vice President of Sales (mobile: +1 (919) 413-0365) Canada: Jon Adams, Vice President of Sales (mobile: +1 (905) 321-6855) To learn more about Optimal Climate and Irrigation, please contact: Dave Hunter, CEO and Founder (mobile: +447872956856) About Sollum Technologies Sollum Technologies designed the only 100% dynamic LED lighting solution that modulates the full spectrum of the Sun's natural light to illuminate closed environments such as greenhouses, research centers and laboratories. Sollum's award-winning, turnkey solution consists of internet of things, AI-powered light fixtures that are controlled by Sollum's proprietary SUN as a Service® cloud platform. Sollum's distinctive proposition is a fully scalable cleantech solution that evolves with business needs and multi-zone light management, with each zone benefiting from automatic dimming of an unlimited number of light recipes; this is why it provides unparalleled value in terms of energy savings and, additionally for greenhouse growers, increased productivity, and superior produce quality. Founded in 2015, the company is headquartered in Montréal (Québec, Canada), where its design, development, and manufacturing activities are concentrated, and has representative offices in Leamington (Ontario, Canada) and Atlanta (Georgia, USA). For more information, visit About Optimal Optimal develops AI–powered software that helps growers achieve higher yield, product quality, and production reliability under rapidly changing conditions. Optimal's team comes from leading AI institutions including Google DeepMind, Microsoft, and Airbus Defence and Space. Optimal has customers in Europe and North America. Learn more at ©2025 Sollum Technologies. All rights reserved. SUN as a Service, SUNaaS, LED by nature, SF-E2, SF-ONE, SF-PRO, SF-MAX, S.E.A.R.C.H. and the Sollum logo are registered or trademarks of Sollum Technologies View original content to download multimedia: SOURCE Sollum Technologies View original content to download multimedia:
Yahoo
an hour ago
- Yahoo
MAG Silver Announces the Filing of Its Management Information Circular in Connection With Its Special Meeting to Approve Acquisition by Pan American
All amounts expressed in U.S. dollars unless otherwise indicated. The Board of Directors unanimously recommends Shareholders vote FOR the Arrangement Resolution Attractive immediate premium and compelling transaction benefits For assistance with voting, contact Kingsdale Advisors by telephone at 1-800-775-1986 (toll-free in North America) or 1-416-623-2517 (text and call enabled outside North America), or by email at contactus@ VANCOUVER, British Columbia, June 09, 2025 (GLOBE NEWSWIRE) -- MAG Silver Corp. (TSX / NYSE American: MAG) ('MAG', or the 'Company') announces that the management information circular and related materials associated with the upcoming special meeting (the 'Special Meeting') of shareholders of the Company (the 'Shareholders') to be held on July 10, 2025 have been filed under the Company's profile on SEDAR+ and will be mailed to Shareholders on June 11, 2025. The Special Meeting is being held in connection with the proposed acquisition of all of the issued and outstanding shares of the Company (the 'MAG Shares') by Pan American Silver Corp. ('Pan American') previously announced on May 11, 2025 (the 'Arrangement'). On June 6, 2025, MAG obtained an interim order (the 'Interim Order') from the Supreme Court of British Columbia (the 'Court') authorizing the holding of the Special Meeting and matters relating to the conduct of the Special Meeting. At the Special Meeting, Shareholders will be asked to consider and, if deemed acceptable, pass a special resolution (the 'Arrangement Resolution') to approve the arrangement between the Company and Pan American under Section 288 of the Business Corporations Act (British Columbia) (the 'Plan of Arrangement'), whereby Pan American will acquire all of the issued and outstanding shares of the Company, with Shareholders receiving total consideration of approximately $2.1 billion representing $20.54 per MAG share, based on the closing price of Pan American's common shares on the New York Stock Exchange on May 9, 2025. Consideration will be comprised of a mix of cash totaling $500 million and common shares in the authorized share capital of Pan American (each, a 'Pan American Share') as detailed below. The Arrangement will be carried out pursuant to the terms of an arrangement agreement dated May 11, 2025 (as amended on May 30, 2025 and June 6, 2025) between the Company and Pan American (the 'Arrangement Agreement') and the terms of the Plan of Arrangement. Pursuant to the terms of the Interim Order, Shareholders of record at the close of business on June 2, 2025 (the 'Record Date') will be entitled to vote at the Special Meeting, with each such Shareholder entitled to one vote per each MAG Share held. Shareholders are encouraged to vote well in advance of the proxy voting deadline of July 8, 2025, at 9:00 a.m. (Vancouver Time). The Board of Directors of the Company (the 'Board') unanimously recommends Shareholders vote FOR the Arrangement Resolution, in accordance with the instructions set out in the meeting materials. Each director and officer of the Company intends to vote all of such director's and/or officer's MAG Shares FOR the Arrangement Resolution. In making their recommendation, the Board considered a number of factors in deciding that the Arrangement was in the best interests of the Company, including, among others: Immediate value uplift of approximately 21% and 27%, respectively, on a prorated basis to the closing price and the 20-day VWAP of the MAG Shares on the NYSE American LLC ('NYSE American') ending May 9, 2025. The Shareholders have the option to receive either (a) $20.54 in cash for each MAG Share held or (b) $0.0001 in cash and 0.755 of a Pan American Share for each MAG Share held, subject to proration such that the aggregate consideration paid to all Shareholders consists of $500 million in cash and the remaining consideration paid in Pan American Shares. Exposure to Pan American's diversified portfolio of ten silver and gold mines across seven countries and a proven track record of success in exploration, project-development and mining operations. Enlarged growth pipeline with exposure to Pan American's La Colorada Skarn project in Mexico and the potential reopening of Pan American's 100%-owned Escobal mine, one of the world's best silver mines with past production of 20 Moz of silver per year. The Arrangement provides Shareholders with the opportunity to maintain exposure to the Juanicipio Mine, which continues to demonstrate strong operational performance and resource potential. Significantly de-risks Shareholders' exposure by converting a concentrated interest in the Juanicipio Mine into equity ownership of Pan American, a diversified, leading silver producer with meaningful, long-term upside. Equity participation in a well-capitalized, value driven, large-cap silver producer known for returning capital to shareholders, with over $1.0 billion returned to shareholders via dividends and share buybacks since 2010. Greater scale, lower risk and peer leading cash flows driving improved trading liquidity on U.S. and Canadian markets. Eligible Holders (as defined in the Arrangement Agreement) who receive Pan American Shares may make a Section 85 Election (as defined in the Arrangement Agreement) to obtain a full or partial tax deferred rollover for Canadian income tax purposes in respect of the sale of the Eligible Holder's MAG Shares to Pan American. The Company considered, and engaged with, other potential strategic partners and acquirors and determined that it was unlikely that any of those parties would complete a transaction on terms that were superior to the Arrangement, concluding that the transaction with Pan American was in the best interests of the Company. The fairness opinions from Raymond James Ltd., BMO Capital Markets and GenCap Mining Advisory Ltd. that, subject to and based on the considerations, assumptions and limitations described therein, the consideration to be received by the Shareholders pursuant to the Arrangement is fair, from a financial point of view, to the Shareholders. Pursuant to voting agreements, the directors and senior officers of the Company have agreed to vote all of their MAG Shares, including any MAG Shares issuable upon exercise or redemption of stock options of MAG and other convertible securities of MAG, in favour of the Arrangement. Under the terms of the Arrangement Agreement, the Board will remain able to respond to any unsolicited bona fide written proposal that constitutes a 'Superior Proposal' under the terms of the Arrangement Agreement, subject to a right to match and a break fee that are not expected to deter other potential interested buyers, if any. : The Arrangement Agreement is the result of a comprehensive negotiation process with Pan American that was undertaken by the Company and its legal and financial advisors with the oversight of the special committee of independent directors of the Board formed in respect of the Arrangement (the 'Special Committee'). : Pan American's obligation to complete the Arrangement is subject to a limited number of conditions that the Company believes are reasonable in the circumstances. The evaluation and negotiation process was supervised by the Special Committee, which is composed entirely of independent directors and was advised by experienced and qualified financial and legal advisors. The Special Committee met regularly with financial and legal advisors. The Arrangement was unanimously recommended to the Board by the Special Committee. The Arrangement must be approved by not less than two-thirds (2/3) of the votes cast by Shareholders present in person or represented by proxy at the Special Meeting. The Arrangement must be approved by the Supreme Court of British Columbia, which will consider, among other things, the fairness and reasonableness of the Arrangement to Shareholders. The Arrangement requires clearance under the Competition Act (Canada) and clearance under Mexican anti-trust laws. The terms of the Plan of Arrangement provide that registered Shareholders as of the Record Date who oppose the Arrangement may, upon compliance with certain conditions, exercise dissent rights and, if ultimately successful, receive fair value for their MAG Shares. Under the terms of the Arrangement, Shareholders will be able to elect to receive the consideration as either (i) $20.54 in cash per MAG Share or (ii) 0.755 Pan American Shares per MAG Share, subject to proration such that the aggregate consideration paid to all Shareholders consists of $500 million in cash and the remaining consideration paid in Pan American Shares. Subject to obtaining approval from the Shareholders to the Arrangement Resolution at the Special Meeting, Court approval and certain regulatory approvals, including clearance under the Competition Act (Canada) and clearance under Mexican anti-trust laws, as well as the satisfaction or waiver of other conditions contained in the Arrangement Agreement, all as more particularly described in the management information circular of the Company, it is currently anticipated that the Arrangement will be completed in the second half of 2025. The meeting materials contain important additional information regarding the Arrangement, including the rights and entitlements of Shareholders thereunder and how Shareholders can attend and vote at the Special Meeting, and accordingly, should be carefully reviewed. The meeting materials will be mailed to all Shareholders of record as at the Record Date and are also available on the Company's website at and under the Company's profile on SEDAR+ at Shareholder Questions Shareholders who have questions or need assistance with voting their MAG Shares should contact Kingsdale Advisors by telephone at 1-800-775-1986 (toll-free in North America) or 1-416-623-2517 (text and call enabled outside North America), or by email at contactus@ About MAG Silver Corp. MAG Silver Corp. is a growth-oriented Canadian mining and exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada. Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management. Certain information contained in this release are 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation (collectively herein referred as 'forward-looking statements'), including the 'safe harbour' provisions of provincial securities legislation, the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and Section 27A of the U.S. Securities Act. Such forward-looking statements include, but are not limited to the anticipated benefits of the Arrangement; the development of the La Colorada Skarn, or the consultation process for Escobal, and any anticipated benefits to the value of the Pan American Shares or financial or operational performance of Pan American that may be derived therefrom; Pan American's plans and expectations for its properties and operations; the timing, satisfaction of closing conditions, consummation and terms of the Arrangement, including the consideration thereunder and benefits derived therefrom; the operation of the Juanicipio mine and exploration of its surrounding regions, the Juanicipio mine's generation of free cash flow, and any anticipated benefits to shareholder value or financial or operational performance that may be derived therefrom. When used in this release, any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, assumptions or future events of performance (often but not always using words or phrases such as 'anticipate', 'believe', 'estimate', 'expect', 'intend', 'plan', 'strategy', 'goals', 'objectives', 'project', 'potential' or variations thereof or stating that certain actions, events, or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions), as they relate to the Company or management, are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions. Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Company's expectations regarding forward-looking statements contained in this release include, among others: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact on Pan American and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; Pan American and the Company's mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of Pan American and the Company's operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for Pan American's operations are received in a timely manner; Pan American and the Company's ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American and the Company is able to maintain a strong financial condition and have sufficient capital, to sustain their respective businesses and operations; and Pan American and the Company's ability to comply with environmental, health and safety laws. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements. Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at and CONTACT: For further information on behalf of MAG Silver Corp., please contact Fausto Di Trapani, Chief Financial Officer. Phone: (604) 630-1399 Toll Free: (866) 630-1399 Email: info@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
4 hours ago
- CNN
Canada plans to hit NATO spending target early and reduce reliance on US defense, Carney says
Canada will meet NATO's military spending guideline by early next year and diversify defense spending away from the United States, Prime Minister Mark Carney said Monday, asserting that Washington no longer plays a predominant role on the world stage. The announcement means Canada will achieve NATO's spending target of 2% of gross domestic product five years earlier than previously planned. 'Our military infrastructure and equipment have aged, hindering our military preparedness,' Carney said. 'Only one of our four submarines is seaworthy. Less than half of our maritime fleet and land vehicles are operational. More broadly, we are too reliant on the United States.' According to NATO figures, Canada was estimated to be spending 1.45% of GDP on its military budget, below the 2% target that NATO countries have set for themselves. Canada previously said it was on track to meet NATO's target by the end of the decade. 'Our goal is to protect Canadians, not to satisfy NATO accountants,' Carney said in a speech at the University of Toronto. Canada is about to host US President Donald Trump and other leaders at a summit of the Group of Seven leading industrialized nations in Alberta on June 15-17, and before the NATO summit in Europe. NATO allies are poised to increase the commitment well beyond the 2% target. NATO Secretary-General Mark Rutte said last week that most US allies at NATO endorse Trump's demand that they invest 5% of gross domestic product on their defense needs and are ready to ramp up security spending even more. 'We are meeting 2%. And that is the NATO target as it is today,' Carney said at a later news conference. 'We will need to spend more.' He said there will be discussions on the increased spending amount and its timeline at the NATO summit. Carney has said he intends to diversify Canada's procurement and enhance the country's relationship with the EU. 'We should no longer send three-quarters of our defense capital spending to America,' Carney said in a speech at the University of Toronto. 'We will invest in new submarines, aircraft, ships, armed vehicles and artillery, as well as new radar, drones and sensors to monitor the seafloor and the Arctic.' Canada has been in discussions with the European Union to join an EU drive to break its security dependency on the United States, with a focus on buying more defense equipment, including fighter jets, in Europe. Carney's government is reviewing the purchase of U.S. F-35 fighter jets to see if there are other options. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage. Today, that predominance is a thing of the past,' Carney said in French, one of Canada's official languages. He added that with the fall of the Berlin Wall in 1989, the United States became the global hegemon, noting that its strong gravitational pull became virtually irresistible and made the US 'our closest ally and dominant trading partner.' 'Now the United States is beginning to monetize its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,' Carney said. Trump's calls to make Canada the 51st US state have infuriated Canadians, and Carney won the job of prime minister after promising to confront the increased aggression shown by Trump. The prime minister said 'a new imperialism threatens.' Carney said the long-held view that Canada's geographic location will protect Canadians is increasingly archaic. The government is adding $9 billion Canadian (US$6.6 billion) in spending this year and Carney said the Canadian Coast Guard will be now be a part of the military. European allies and Canada have already been investing heavily in their armed forces, as well as on weapons and ammunition, since Russia launched a full-scale invasion of Ukraine on Feb. 24, 2022.
