Latest news with #CIM
CTV News
3 days ago
- Business
- CTV News
North Bay marks 100 years of mining with waterfront expo
North Bay mining expo showcases city's global industry role with 60 local firms employing 2,500 people and a jobs surge expected by 2029. Eric Taschner reports. A two-day mining expo at the Lake Nipissing waterfront is celebrating a century of mining and related projects supported by North Bay-based companies. 100 Years of Mining - North Bay A mining expo at the Lake Nipissing waterfront is celebrating a century of mining and related projects supported by North Bay-based companies. (Eric Taschner/CTV News Northern Ontario) The event also highlights the global role these companies play in mining operations worldwide. Though North Bay has no active mines, mills, or smelters, its influence is felt across mining projects globally. 'There is a significant increase in the need for this, especially in northern Ontario, with those critical minerals we need to get out of the ground to support electric vehicles and other initiatives,' said Mark Wagner, president of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Northern Gateway Branch. More than 60 mining supply companies in North Bay employ about 2,500 people, playing a crucial role in mine development locally and internationally. One such company, Redpath Canada Ltd., has 200 local employees and more than 9,000 worldwide. 'We have a whole lot of content from projects and different Redpath sites,' said Tyler Foy, Redpath's manager of engineering and technical services. 'A lot of the people that just live in North Bay don't know that there's such a deep mining connection.' The expo introduces co-op students and the public to the mining sector, showcasing career opportunities in the evolving industry. Static displays of mining equipment are also featured. Co-op students at mining expo A mining expo at the Lake Nipissing waterfront introduced co-op students to the mining sector, showcasing career opportunities in the evolving industry. (Eric Taschner/CTV News Northern Ontario) Ontario's Economic Development, Job Creation and Trade Minister Vic Fedeli visited the expo Friday, praising North Bay's contributions to mining, including its role in northwestern Ontario's Ring of Fire. 'I've been to the Ring of Fire five times, and you see North Bay's drill rods, North Bay's drill bits. The tents actually were made about 20 years ago when I was there. They were made in Rutherglen,' Fedeli told reporters. 'Mining is a big part of the fabric of North Bay. The rail, the logging in the past and mining are all resource sectors. But now we've really shifted to technology. You see around us all of the technology that's used in mining today – it's a very different business today.' Vic Fedeli Ontario's Economic Development, Job Creation and Trade Minister Vic Fedeli visit a mining expo in North Bay on May 30, 2025, celebrating the city's 100-years of contributions to the industry. (Eric Taschner/CTV News Northern Ontario) Officials anticipate major growth in the sector by 2030. Ontario currently has 31,000 direct mining jobs and 46,000 indirect jobs in mineral processing and supply. 'We are expecting a 70 per cent increase in employment opportunities by 2029,' said Wagner. 'So, take those 2,500 people and do the math around that.' Wagner added that mining suppliers are optimistic about the future of critical minerals.
CTV News
6 days ago
- Business
- CTV News
Patients with advanced cancers to take part in promising MUHC clinical trial
Patients with certain advanced cancers could be the first in Canada to test a new therapy at the McGill University Health Centre (MUHC). The hospital explains that some patients with metastatic pancreatic, lung and breast cancers are being invited to follow in the footsteps of a previous global trial for metastatic prostate cancer, dubbed the LuMIERE clinical trial. 'We are leading the charge in bringing radioligand therapy to Canadian cancer patients,' said Dr. Ramy Saleh, medical director of oncology clinical trials at the Centre for Innovative Medicine (CIM) of the Research Institute at the MUHC. 'This trial is a major milestone that reinforces our role as a national leader in nuclear precision medicine. Our goal is clear: to offer new hope and innovative experimental treatment options to patients who have exhausted conventional therapies.' The MUHC explains that, unlike chemotherapy, immunotherapy or traditional radiation therapy, radioligand therapy (RTL) utilizes elements called ligands (ions or neutral molecules) and radioisotopes to target and kill cancer cells in the body. This would be the trial's second phase, following the 'positive results' of phase one, in addition to preclinical studies showing 'significant anti-tumour activity.' 'Radioligand therapy is an exciting new frontier in oncology,' said Saleh. 'Our commitment is to push the boundaries of cancer treatment and bring cutting-edge clinical trials to our patients here in Quebec and in Canada.' Radioligand therapy involves administering the [177Lu] Lu FAP 2286 drug intravenously to participants of the trial, targeting fibroblast activating proteins (FAPs). 'This therapy is designed to zero in on FAPs, ensuring the radioactive treatment reaches cancer cells while sparing normal tissue,' explains Dr. Farzad Abbaspour, head of the MUHC Nuclear Medicine Division. 'This level of precision could redefine cancer treatment as we know it.' Participants will first undergo PET scans to confirm the presence of FAPs before being confirmed as part of the trial. The therapy requires an injection every four weeks for a maximum of four to six injections. In comparison, immunotherapy treatment typically lasts for at least two years, whereas chemotherapy treatment can be ongoing for a lifetime. Once the work is done, the radioligands are simply eliminated by the body. The goal, says Saleh, is to extend patients' lifespans and improve their quality of life. He adds that there is still no cure for advanced cancers. People eligible for the trial include those with pancreatic ductal adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC) and breast cancer. With files from The Canadian Press.
Yahoo
26-05-2025
- Business
- Yahoo
MTSU Mondays: Concrete workshop empowers girls; Center joins Opry for Army's 250th
Here's the latest news from Middle Tennessee State University: Middle Tennessee State University's Concrete Industry Management program recently hosted more than 320 area middle and high school girls at the second annual Ladies in Concrete Workshop to expose them to a variety of potential careers in a field that has traditionally been dominated by men. Following last year's successful inaugural event at the School of Concrete and Construction Management Building, this year's event drew even more girls and young women to campus to get an up close view of different parts of the concrete industry through hands-on workshops demonstrating common things seen on a jobsite. The event provided eight workstations — heavy equipment, hand tools, mix design, pre-casting, finishing, masonry, 3D printing and welding — for the girls to have immersive experiences with professional equipment, all hosted by 17 different alumni and local industry partners. CIM Patron Board President Natalie Martin, a CIM program alum, created and organized the event for the purpose of letting young girls know that there is a much-needed place for women within this industry working with the most used building material in the world. 'I want to give middle and high school girls experience in this industry from a young age, so when they get to college, they're more on an equal playing field,' Martin explained, her emphasis based on her own experience as a nontraditional student, having graduated from the CIM program at 38 years old in 2016. Hannah Neal, a rising CIM junior from Murfreesboro, was a part of the group of female students and alumni that acted as tour guides for the day, sharing with the group their job titles and experiences within the concrete business and their unique degree. Paired with students from Central Magnet High School in Murfreesboro, Neal detailed just how grateful she was for being a part of this experience, and how she wished for an opportunity like this when she was much younger. 'We have so many amazing women and men who have decided to spend their time away from their companies to show these hands-on experiences for these young girls, and that is something I'm so thankful to be involved with since I'm still learning, too,' she said. Alongside a nearly 100-student increase from last year, the event hosted even more schools, bumping the total up to 12 combined middle and high schools from the Midstate. The CIM program aims to increase these numbers even more next year. Rising Smyrna High School senior Zoie Tubbs was one of the many participants who had the opportunity to participate in the event alongside her peers, finding the day to not only be enjoyable, but also expanded her horizons on what she perhaps would want to pursue after graduation. 'I think this is a really good opportunity for us as girls to learn about the concrete industry, and to actually feel invited to this career. Being here maybe changed my mind for what I want to do,' she said. Middle Tennessee State University's Charlie and Hazel Daniels Veterans and Military Family Center on May 20 helped the Grand Ole Opry in Nashville celebrate the Army's 250th birthday. Retired Army Lt. Gen. Keith Huber, who serves as MTSU's senior adviser for veterans and leadership initiatives, was the Opry's guest announcer at the annual Salute the Troops show. Huber, along with Army Maj. Gen. Brett Sylvia, commander of the 101st Airborne Division at Fort Campbell, Kentucky, helped welcome country music stars and Opry members Craig Morgan, Steven Curtis Chapman, Sal Gonzalez and more, along with the 100th Army Band. Huber used his time on the Opry stage to talk about the work by the Daniels Center, saying the facility not only serves MTSU's more than 1,000 military-connected students, but any veteran seeking assistance — regardless of their affiliation with the university. Morgan, an MTSU alumnus, also serves as a warrant officer in the U.S. Army Reserve. Just before his performance, Morgan thanked 'my friend' Huber, then sitting with the sold-out crowd, and asked him to stand so the audience could applaud his service to veterans and active-duty troops. The Army is celebrating its birthday with several events across the nation, all leading up to its 250th on June 14. MTSU Mondays content is provided by submissions from MTSU News and Media Relations. This article originally appeared on Murfreesboro Daily News Journal: Concrete workshop empowers girls; Center joins Opry for Army's 250th
Los Angeles Times
21-05-2025
- Business
- Los Angeles Times
Matthew Borstein Named Managing Director and Co-Head of Credit for CIM Group
CIM to Expand Credit Team and Platform Los Angeles-based CIM Group has announced that Matthew Borstein, an experienced leader in the real estate credit industry, has joined the company as managing director, co-head of credit in a continued expansion of the firm's credit team and platform. Borstein has more than 25 years of experience across real estate investments, loans, securities and hard assets with expertise in building and leading global credit platforms. 'I am thrilled to join CIM Group at this pivotal moment in the real estate credit space,' said Borstein. 'What sets CIM apart is its vertically integrated platform, its distinctive vantage point and the world-class caliber of its team with a strong commitment to growth. Together, I look forward to expanding our client relationships and helping scale the business to meet the needs of our partners.' At CIM Group, Borstein will play an integral role in the firm's growing credit platform. He will work alongside Daniel Ottensoser, managing director and co-head of credit, to lead capital deployment strategies across CIM's funds and accounts, ensuring alignment with market conditions and the firm's broader vision, in addition to advising on key asset management decisions and team development. 'Matt is an outstanding addition to our team, and I'm excited to partner with him as co-head of credit. He is a highly respected leader, and I welcome this opportunity to work with him to continue strengthening our platform,' said Ottensoser. Before joining CIM Group, Borstein served as partner and portfolio manager at Oak Hill Advisors, where he started and led its dedicated commercial real estate business. Borstein previously served as the global head of commercial real estate at Deutsche Bank, where he successfully built and led a global platform overseeing Deutsche Bank's commercial real estate debt origination, the expansion of its balance sheet lending portfolio, its top-tier CMBS business, the Special Situations Group, and commercial real estate repurchase and warehouse facilities. Earlier in his career, Borstein held positions at Wachovia, Nomura, and Credit Suisse First Boston. 'Alongside our real estate and infrastructure platforms, CIM's credit platform has been an integral area of growth. We have profound respect for Matt. He has exceptional expertise, longstanding relationships and strategic vision, and we are proud to welcome him to CIM Group,' said Avi Shemesh, co-founder and principal, CIM Group. Information was sourced from Businesswire. To learn more, contact bill@
Cision Canada
15-05-2025
- Business
- Cision Canada
SolarBank Announces Third Quarter Results
TORONTO, May 15, 2025 /CNW/ - SolarBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") reports its fiscal third quarter and fiscal 2025 interim financial results. All financial figures are in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS) as presented in the interim consolidated financial statements. Fiscal Year-to-Date Financial Highlights (All amounts are for the nine-months period ended March 31, 2025) IPP revenue increased from $0.3 million to $6.6 million during the period. Gross profit was $5.8 million, or 19.9% of revenues, compared to $10.3 million, or 20.4% of revenues in 2024. Adjusted EBITDA (1) of $ (0.02) million compared to $2.3 million for 2024. Growth in assets increased 395% to $194 million following Solar Flow-Through Funds Ltd. Acquisition, as compared to $39.2 million at June 30, 2024. Revenues were $29.1 million compared to $50.4 million in 2024. Cash flow from operating activities was $(2.1) million compared to $10.9 million in 2024 Net loss of $9 million, or $(0.29) per basic share, compared to net income of $5.5 million, or $0.20 per basic share in in 2024. Corporate Third Quarter Highlights and Milestones: The Company announced that its 3.26 MW Camillus Solar Project has been sold to, and will now be constructed for, Solar Advocate Development LLC in a transaction valued at US$7.3 million. Commenced construction on first battery energy storage ("BESS") project in Ontario, backed by a $25.8 million Royal Bank of Canada Project Finance facility. Announced partnership with Viridi, the industry leader in fail-safe BESS, on the development of a combined 3.06 MW DC ground-mount solar power project and related 1.2 MWH BESS in Buffalo, New York. After the quarter ended announced that CIM Group ("CIM"), a real estate and infrastructure owner, operator, lender and developer, and the Company have entered into a Mandate Letter providing for up to US$100 million in project based financing for a portfolio of up to 97 MW of solar power projects located in the United States (the "CIM Transaction"). Dr. Richard Lu, President and CEO of SolarBank commented: "SolarBank continues the growth of its independent power producer portfolio. The non-dilutive CIM transaction will provide up to US$100 million in equity capital for projects that will transform SolarBank's independent power producer asset base, creating long term revenues for years to come. As discussed in prior quarters this strategy means less short term revenue from EPC and project sales, but will have the benefit of stable long term recurring revenues." (1) EBITDA and Adjusted EBITDA are non-IFRS financial measures with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of Non-IFRS financial measures to the most directly comparable IFRS measures see "Non-IFRS Financial Measures" in this News Release. Summary of Year-to-Date Results (All amounts are for the nine-months period) Nine Months Ended March 31, 2025 March 31, 2024 Statement of Income and Comprehensive Income Total Revenue $ 29,105,028 $ 50,400,013 Cash flow from operating activities $ (2,088,001) $ 10,919,336 Adjusted EBITDA (a non-IFRS measure) $ (23,388) $ 2,262,651 Net (loss) income $ (9,029,169) $ 5,522,702 Basic (loss) earnings per share $ (0.29) $ 0.20 Diluted (loss) earnings per share $ (0.29) $ 0.15 The Company ended the third quarter of fiscal 2025 with $45.3 million in current assets (including $24.7 million in cash and short term investment), as compared to $17.6 million in current assets as of year-end June 30, 2024. The increase is principally the result of the closing of the acquisition of SFF. Current liabilities increased from $13.4 million as of the year ended June 30, 2024, to $40.1 million in the current quarter, mainly due to an increase in trade and other payables and the short term debt. For complete details please refer to the unaudited condensed interim consolidated financial statements and associated Management Discussion and Analysis for the nine months ended March 31, 2025, available on SEDAR+ ( The Company notes that the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements for the Company and its customers and the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power, which could cause demand for the Company's services to decline. Further the forecasted MW capacity of a solar project may not be reached. The CIM Transaction is subject to the execution of definitive documentation setting out all of the representations, warranties, covenants and conditions precedent associated with the CIM Transaction. There is a risk that definitive documentation may not be executed or that the conditions precedent to the CIM Transaction are not satisfied. In such case, no funding will be advanced under the terms of the CIM Transaction. SolarBank will also need to secure the financing required to develop the projects to mechanical completion and substantial completion, as prior to such milestone none of the funding from the CIM Transaction will be available. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release. Conference Call May 15, 2025, at 4:30 PM ET The Company will review financial results and provide a business update. Interested parties can register for the webinar by clicking here. After registering, you will receive a confirmation email containing information about joining the webinar. Non-IFRS Financial Measures The Company has disclosed certain non-IFRS financial measures and ratios in this press, as discussed below. These non-IFRS financial measures and non-IFRS ratios are widely reported in the renewable energy industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company's performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company's performance prepared in accordance with IFRS. Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (" NI 52-112") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ration, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage, or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements. Adjusted EBITDA Adjusted EBITDA is a non-IFRS financial measure, which excludes the following from net earnings: Income tax expense; Finance costs; Amortization and depreciation. Non-operating income or expenses; Non-recurring gains or losses; Impairment charges or reversals; Listing fees or costs related to equity offerings; Foreign exchange gains or losses Management believes Adjusted EBITDA is a valuable indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses Adjusted EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby Adjusted EBITDA is multiplied by a factor or "EBITDA multiple" based on an observed or inferred relationship between Adjusted EBITDA and market values to determine the approximate total enterprise value of a Company. Management also believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results because it is consistent with the indicators management uses internally to measure the Company's performance and is an indicator of the performance of the Company's renewable energy project development and operations. Adjusted EBITDA is intended to provide additional information to investors and analysts. It does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS. Adjusted EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore is not necessarily indicative of operating profit or cash flow from operations as determined by IFRS. Other companies may calculate Adjusted EBITDA differently. About SolarBank Corporation SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank, please visit FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the Company's growth strategies; the expected energy production from the solar power projects mentioned in this press release; the megawatt capacity and type of future solar projects; continued growth of the Company; and the size of the Company's development pipeline. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this press release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any global pandemic on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings. In addition, there are difficulties in forecasting the Company's financial results and performance for future periods, particularly over longer periods, given changes in technology and the Company's business strategy, evolving industry standards, intense competition and government regulation that characterize the industries in which the Company operates. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
