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National Post
27 minutes ago
- National Post
For Sale: Used U.S.-Canada border crossing going on auction block
The U.S. government is selling a former border crossing facility in Madawaska, Maine, across the Saint John River from Edmunston, N.B. Article content An online auction for the property starts on Wednesday, Aug. 20. The asking price is US$25,000. Article content Bidding for the old Port of Entry (POE) will increase in $1,000 increments, says the U.S. General Services Administration in a press release about the sale. (The GSA is the U.S. government's shared services arm, managing a real estate portfolio of over 360 million rentable square feet.) Article content While the commercial space listing has primarily been used as an office, the real estate ad suggests other potential purposes: manufacturing, warehouse, storage facility, garage/shop. Article content 'GSA is transforming an underutilized border facility into an opportunity for community and economic development,' said Public Buildings Service Regional Commissioner Glenn C. Rotondo in the release. Article content Article content The first floor of the building is 2,900 square feet. There is also a 2,900 square foot finished basement. Article content The southern portion of the property is flat, paved and has a one-storey brick building with two canopies, a guard shack and shed for a generator. Article content The northern half of the property is on a floodplain and can't be built upon. Instead, it consists of a steep, wooded slope leading from a retaining wall down approximately 50 feet to the water line of the Saint John River. The river surrounds the northern edge of the property. A paper mill with a rail line is situated on the other perimeters. Article content Article content The 1959 facility was closed last year when U.S. Customs and Border Protection ceased operations there and relocated to the new Madawaska POE and International Bridge. The new facility will include room for increases in traffic. The new facility, worth roughly $73 million, is also aiming to be include administrative offices and training space. Article content Parts of the old bridge were saved by the town, according to Maine newspaper The County. A local artist pitched a plan to create a 20-foot sculpture of an Acadian star out of materials from the bridge to celebrate the Francophone cultural connection shared by the two countries, across the old bridge created. Article content Acadians are descendants of French settlers who originally settled in Canada's Maritime Provinces in the 17th and 18th centuries. Aroostook County later became a hub of Acadian culture, with a large population still maintaining their heritage.
CTV News
27 minutes ago
- CTV News
$13M decision in B.C. pre-sale condo case overturned on appeal
A rendering of the PRIMA development in Richmond, B.C., is shown in this image. (Credit: A decision ordering a developer to pay pre-sale condo buyers more than $13 million in damages for breach of contract has been overturned on appeal, with the high court dismissing the case entirely. More than 30 people who made deposits on condos at what was then called the ALFA development in 2015 and 2016 sued Anderson Square Holdings Ltd., alleging breach of contract. The pre-sale purchasers had their contracts terminated by the developer in July of 2019, with the developer citing a legal dispute with contractors and an inability to secure financing. But the units would ultimately be sold – at higher prices – roughly two years later, albeit under the name 'PRIMA,' according to a B.C. Supreme Court decision handed down last year. The buyers' claim was, essentially, that the developer had no right to terminate the contract when it did. The $13,093,900 in damages awarded represented the difference between what the pre-sale buyers paid for their units and what the condos were valued at when the buyers 'repudiated' their contracts by accepting the return of their deposits in August of 2021, according to the 2024 decision. Anderson Square Holdings Ltd. appealed the decision, claiming the lower court judge 'erred' in interpreting crucial clauses in the contract. The developer argued it was 'entitled to terminate the contract' when it became clear construction would not be completed by Sept. 30, 2019, and the three-judge appeal court panel unanimously agreed. Although the appeal court found the clause in question was 'inherently unclear and ambiguous' and 'poorly worded,' the judges determined it gave the developers the right to terminate the agreement without the written consent of the pre-sale buyers in the event the project could not be completed by the specified date, if the circumstances were beyond its 'reasonable control.' The court rejected the pre-sale buyers' argument that the contract remained in effect even without their written consent, saying the result of that interpretation would have 'commercially absurd' results. 'That interpretation would mean that if there were blameless delay, the contract would remain on foot for the duration of the delay, unless the parties agreed otherwise,' the decision said. 'The parties would be automatically locked in for the full extent of the period of blameless delay in construction. Such delay could be indefinite, leaving the purchasers' investments trapped in the project as the vendor works to complete construction.' Finding the lower court judge erred in interpreting the contract, the appeal was allowed and the case dismissed.
National Post
27 minutes ago
- National Post
Sun Valley Investments AG Announces Acquisition of Securities of Canagold Resources Inc.
Article content VANCOUVER, British Columbia — This news release is related to the common shares of Canagold Resources Ltd. (' Canagold ' or the ' Company ') (TSX: CCM). Sun Valley Investments AG, a Private Investment Firm (the ' Acquiror '), and a related party, Goldlogic Corp. (' Goldlogic '), announce the acquisition of 2,325,581 flow-through shares of the Company (each a ' FT Share ') that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of CAD$0.43 per FT Share, and 2,564,103 regular common shares (each an ' NFT Share ') at a price of CAD$0.39 per NFT Share. A total of 4,889,684 common shares were acquired for a total subscription price of approximately CAD$2,000,000 as part of the private placement. The private placement closed on August 18, 2025. Article content Immediately prior to the Private Placement, the Acquiror owned and/or had control over an aggregate of 88,638,133 Common Shares, representing approximately 48.16% of the issued and outstanding Common Shares of the Company on an undiluted basis. Following completion of the Private Placement, the Acquiror owns and/or has control over an aggregate of 93,527,817 Common Shares, representing approximately 48.25% of the issued and outstanding Common Shares on an undiluted basis. Article content Article content 76,050,880 of the Shares are held directly by the Acquiror, representing 39.23% of the issued and outstanding and 17,476,937 Shares are held indirectly through Goldlogic, representing 9.02% of the issued and outstanding. Article content The Acquiror has acquired the Shares for investment purposes under an exemption provided under National Instrument 45-106 – Prospectus Exemptions. In the future, the Acquiror may, depending on market and other conditions, increase or decrease its ownership of the Company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. Article content Canagold's head office is located at Suite 1250, 625 Howe Street, Vancouver, BC, Canada V6C 2T6. Article content The Acquiror's head office is located in Bahnhofplatz 6300, Zug, Switzerland. Article content About Sun Valley Article content Sun Valley is a private investment firm focused on the metals and mining industry with portfolio companies and branch offices in the Americas, Europe and Asia. Sun Valley's senior leadership team has several decades of experience in mining and investment companies and combines investment skills across diverse asset classes with hands-on experience at both senior and junior companies in the precious metals mining and refining industry. The firm finances the entire precious metals supply chain: mineral exploration, mine construction, production, processing and refining. Article content Article content Article content Article content Article content
