Ottawa awards $3.25B contract to Quebec-based Davie shipyard to build new polar icebreaker
The federal government has handed a $3.25 billion contract to the Davie Shipyard in Lévis, Que. to build a new polar icebreaker by 2030.
"This polar icebreaker will be among the largest and most complex ever built on the planet," said Public Services and Procurement Minister Jean-Yves Duclos at a news conference in Lévis on Saturday morning.
An icebreaker is a vessel designed to navigate and cut through thick ice that obstructs frozen waters.
Another polar icebreaker will be built simultaneously at Seaspan's Vancouver Shipyards. Duclos explained that the Canadian Coast Guard will be able to use the two ships in emergency situations in Canada's Arctic to conduct year-round missions to support northern communities and scientific research, and to ensure the country's Arctic sovereignty.
"This will give Canada access to the Arctic and the High Arctic at all times and in all circumstances for the first time in the country's history," said Duclos.
"This is particularly relevant in the present context, where Canadian sovereignty is threatened by growing global tensions."
The construction of the PolarMax is expected to create 3,250 "direct and indirect jobs" per year between 2025 and 2030 and to add $440 million to Canada's GDP annually, according to Duclos.
More than 70 per cent of the work will be done in the province and the rest of Canada. Canadian workers will also work with their Finnish counterparts to build part of the icebreaker in Finland.
Quebec Premier François Legault told reporters this job creation comes at a "good time."
"With Mr. Trump, there's a significant risk that jobs will be lost in the manufacturing sector as a result of the tariffs that will be put in place and the reduction of our exports to the United States," said Legault.
Duclos noted that the PolarMax will withstand impacts and extreme vibrations in very cold temperatures and through ice up to three metres thick for a minimum lifespan of 40 years.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Russian jet suspected of violating Finnish airspace, Defense Ministry says
A Russian military aircraft is suspected of violating Finland's airspace on June 10, the country's Defense Ministry said in a statement. "The investigation into the suspect's airspace breach has been launched immediately," Finnish Defense Minister Antti Hakkanen said. The Finnish border guard is investigating and will share more information as the probe continues, according to the Finnish Defense Ministry. The alleged violation occurred near the city of Porvoo, located about 50 km east of Helsinki. The city lies in the country's far-south, along the Gulf of Finland. Russia regularly stages provocations on NATO's eastern flank, which includes Poland, Finland, and the Baltic countries. On May 22, two Russian aircraft violated Finnish airspace, while the day prior Polish fighter jets intercepted a Russian Su-24 bomber in international airspace over the Baltic Sea. Russian aircraft frequently fly from its exclave, Kaliningrad. The jets often disable their transponders, fail to file flight plans, and do not establish contact with regional air traffic control — a pattern NATO officials describe as high-risk behavior. Since the start of Russia's full-scale invasion, NATO officials have increasingly warned Moscow could attack the alliance's members in the coming years. In anticipation of increased hostilities, Finland has said it expects a Russian military build-up on its borders after the war in Ukraine ends. On May 19, the New York Times published satellite images which seem to indicate an expansion of military facilities near the Finnish border. Finland joined NATO in 2023 following the onset of Russia's full-scale war against Ukraine in February 2022 and shares a 1,300-kilometer (800-mile) border with Russia. NATO countries in Russia's vicinity have intensified their preparations for a possible conflict. Poland and the Baltic countries moved to abandon a treaty banning land mines and are strengthening the borders shared with Russia and its ally Belarus while urging higher defense spending across the alliance. Read also: Germany plans expansion of air raid shelters amid growing Russian threats, official says We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
2 hours ago
- Yahoo
Dolly Varden Silver Announces Full Exercise of Underwriters' Option in Bought-Deal Financing for Total of $28.76 Million, With Participation by Eric Sprott
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2025) - Dolly Varden Silver Corporation (NYSE American: DVS) (FSE: DVQ) (the "Company" or "Dolly Varden") is pleased to announce that, in connection with the previously announced bought-deal offering announced on June 9, 2025, a syndicate of underwriters (collectively, the "Underwriters"), have provided notice to the Company to exercise the underwriters' option in full for $3,750,500 in gross proceeds, resulting in aggregate gross proceeds of $28,755,500 to the Company, from the sale of a combination of securities of the Company, consisting of: a) 2,445,500 common shares of the Company ("Common Shares") at a price of $4.60 per Common Share for gross proceeds of $11,249,300, to be issued on a prospectus-exempt basis pursuant to the 'listed issuer financing exemption' (LIFE) under applicable Canadian securities laws (the "LIFE Offering"); b) 1,128,000 Common Shares that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") that will be issued as part of a charity arrangement (each, a "Charity FT Share") at a price of $6.65 per Charity FT Share for gross proceeds of $7,501,200, to be issued under the LIFE Offering; and c) 1,740,000 Common Shares that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Tax Act (each, a "FT Share") at a price of $5.75 per FT Share for gross proceeds of $10,005,000, to be issued on a prospectus exempt basis ("Private Placement Offering", and together with the LIFE Offering, the "Offerings"). Mr. Eric Sprott, through 2176423 Ontario Ltd., has indicated his intention to participate in the transaction. The net proceeds from the sale of Common Shares will be used for working capital and general corporate purposes. The gross proceeds from the sale of Charity FT Shares and FT Shares will be used for further exploration, mineral resource expansion and drilling in the combined Kitsault Valley project, located in northwestern British Columbia, Canada, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of "Canadian exploration expense" in subsection 66.1(6) of the Income Tax Act (Canada) and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act (Canada) that will qualify as "flow-through mining expenditures" and "BC flow-through mining expenditures" as defined in subsection 4.721(1) of the Income Tax Act (British Columbia), which will be renounced with an effective date no later than December 31, 2025 to the initial purchasers of Charity FT Shares and FT Shares. The Offerings are expected to close on June 26, 2025, or such earlier or later date as may be determined by the Underwriters (the "Closing"). Closing is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange and NYSE American (together, the "Exchanges") to list, on the date of Closing, the Common Shares, the Charity FT Shares and the FT Shares. The LIFE Offering will be made in accordance with the 'listed issuer financing exemption' in Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), to purchasers in any province of Canada, except Québec. The Common Shares can also be offered in other jurisdictions where the LIFE Offering can lawfully be made, including the United States under applicable private placement exemptions. The Common Shares and Charity FT Shares issued and sold under the LIFE Offering will not be subject to a 'hold period' pursuant to applicable Canadian securities laws. There is an offering document related to the LIFE Offering that can be accessed under the Company's issuer profile at and on the Company's website at Prospective investors should read this offering document before making an investment decision. The FT Shares will be offered to accredited investors in each of the provinces of Canada pursuant to applicable prospectus exemptions in accordance with NI 45-106 and will have a statutory hold period of four months and one day from Closing. In connection with the Offerings, the Underwriters will receive an aggregate cash fee equal to 5.0% of the gross proceeds of the Offerings. Eventus Capital Corp. is a special advisor to the Company. Pursuant to existing agreements with the Company, Hecla Canada Ltd. ("Hecla") and Fury Gold Mines Ltd. ("Fury") will be entitled to acquire Common Shares in connection with the Offerings at a price of $4.60 per Common Share to maintain their pro rata equity interest in the Company. If Hecla or Fury exercise their pro rata rights, any Common Shares issued will be in addition to those issued as part of the Offerings. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws. About Dolly Varden Silver Corporation Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris). Forward-Looking Statements This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. These forward‐looking statements or information relate to, among other things: receipt of all approvals related to the Offerings; the intended use of proceeds from the Offerings; the potential subscription of Hecla and Fury in connection with the Offerings and the expected Closing of the Offerings. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the conditions to closing of the Offerings may not be satisfied, management's broad discretion regarding the use of proceeds of the Offerings, the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, To view the source version of this press release, please visit Error 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
Yahoo
4 hours ago
- Yahoo
Prime Drink Group Provides an Update on Its Bottling Subsidiary Receivership
MONTREAL, June 10, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) ('Prime' or the 'Company') announces that its bottling subsidiary, formerly known as Triani Canada Inc. ('Triani'), has been placed into receivership and has ceased operations. Triani's receivership was ordered on June 10, 2025, by the Superior Court, District of Montreal, at the request of Triani's principal creditors pursuant to Section 243 of the Bankruptcy and Insolvency Act (Canada), as disclosed in the Company's press release dated April 7, 2025. The Company wishes to clarify that the parent company, Prime Drink Group Corp., and all of its other subsidiaries are not subject to this receivership. Ownership of the freshwater rights is segregated from Triani, and operations are continuing. Consistent with its objective of resuming growth of its business and brands, Prime is currently evaluating several options, including its intention to submit an offer to the principal creditors to acquire certain strategic assets of Triani. In addition, the Company is considering other avenues of recourse with respect to Triani and the various stakeholders. 'The receivership of Triani a few months after its acquisition puts us in a challenging situation but our resolve and vision remain unwavering. It is our intention to fight to recover what is owed to Prime and to continue developing our valuable strategic water and beverage assets. We are fortunate to have an experienced team in innovation, brand strategy and marketing that will be able to leverage Prime's assets for the benefit of our shareholders and come out stronger,' said Olivier Primeau, VP Marketing, Strategic Vision and Acquisitions at Prime. The Company reaffirms its commitment to the responsible development of its water resources in Québec. Discussions with government authorities are progressing well. Prime also wishes to announce the appointment of Jean Gosselin as Chief Financial Officer of the Company. Jean has over 40 years of experience in finance and operations and previously served as Vice President of Finance and Corporate Secretary of Prime. About Prime Drink Group Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors. For further information, please contact: Jean Gosselin, CFOPhone: (514) 394-7717 Email: info@ This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information in this press release may include, without limitation, statements relating to the receivership and the Company's intentions with respect to recovering Triani from receivership. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, market conditions, availability of financing to the Company on acceptable terms, general economic factors, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Error 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