Latest news with #CNSC
Canada Standard
27-05-2025
- Health
- Canada Standard
Commission amends Ontario Power Generation's operating licence for the Darlington Nuclear Generating Station to authorize the production of lutetium-177 and yttrium-90
May 26 2025 - Ottawa Today, the Canadian Nuclear Safety Commission (CNSC) announced the Commission's decision to amend Ontario Power Generation's (OPG) power reactor operating licence for the Darlington Nuclear Generating Station (NGS) to authorize the production of lutetium-177 (Lu-177) and yttrium-90 (Y-90) using the existing target delivery system on Darlington NGS Unit 2. This decision follows a public hearing in writing with interventions. The amended licence remains valid until November 30, 2025. The Darlington NGS is located in the Municipality of Clarington, Ontario, within the traditional lands and waters of the Michi Saagiig Anishinaabeg, the Gunshot Treaty (1787-88), the Williams Treaties (1923), and the Williams Treaties Settlement Agreement (2018). In making its decision, the Commission considered written submissions from OPG, CNSC staff and 7 intervenors. After reviewing all submissions, the Commission concluded that OPG is qualified to carry on the activities that the amended licence will authorize. The record of decision is available upon request by contacting the Commission Registry at interventions@ It will also be posted in both official languages on the CNSC website at at a later date. All submissions are also available on the CNSC website. The CNSC regulates the use of nuclear energy and materials to protect health, safety, security and the environment; to implement Canada's international commitments on the peaceful use of nuclear energy; and to disseminate objective scientific, technical and regulatory information to the public. The Commission is a quasi-judicial administrative tribunal set up at arm's length from government, independent from any political, government or private sector influence. Quick facts Lu-177 and Y-90 are radioactive isotopes that are used in nuclear medicine, most prominently for targeted radionuclide therapy of certain types of cancer. The Commission is satisfied with the regulatory hold point proposed by CNSC staff to verify aspects of the safety case, including confirmation via commissioning tests, prior to declaring the new isotope production available for service. Related links Contact Media Relations Canadian Nuclear Safety Commission Tel: 613-996-6860 Email: media@
Canada Standard
21-05-2025
- General
- Canada Standard
Commission releases the final set of decommissioned Beaverlodge properties from licensing and revokes Cameco Corporation's Beaverlodge waste facility operating licence
May 21, 2025 - Ottawa Today, the Canadian Nuclear Safety Commission (CNSC) announced the Commission's decision to release the final set of 27 decommissioned Beaverlodge properties from licensing under the Nuclear Safety and Control Act (NSCA), and to revoke the waste facility operating licence held by Cameco Corporation (Cameco) for the decommissioned Beaverlodge mine and mill site. The Beaverlodge mine and mill site is located near Uranium City in northern Saskatchewan, situated within historic Treaty 8 (1899) and the Homeland of the Metis, and within the traditional territories of the Dene, Cree, and Metis peoples. The Commission concluded that the properties meet appropriate performance objectives and performance indicators to enable them to be transferred to Saskatchewan's Institutional Control Program. As part of its decision in this matter, the Commission exempted the Province of Saskatchewan from CNSC licensing for the properties. The Commission further concluded that it had fulfilled its constitutional responsibility to consult and, where appropriate, accommodate Indigenous rights in respect of its decision on this matter. In making its decision, the Commission carefully considered all submissions and perspectives received during a public hearing held in person in Saskatoon, Saskatchewan on January 30, 2025. The record of decision, which contains the Commission's rationale for its decision, is available upon request from the Commission Registry by contacting interventions@ Once available in both official languages, the record of decision will be published on the CNSC website. The submissions considered by the Commission during the hearing are available on the CNSC website. As a lifecycle regulator, the CNSC focuses on continuous engagement and consultation with Indigenous Nations and communities, as well as other interested groups before, during and after Commission proceedings in respect of licensed activities. Related links Contact Media Relations Canadian Nuclear Safety Commission Tel: 613-996-6860 Email: media@
CBC
09-04-2025
- Business
- CBC
N.B. Power risked 'fatigue-related errors' at nuclear plant, regulator says
Social Sharing Federal regulators say N.B. Power violated rules designed to ensure overnight shift workers at the Point Lepreau nuclear power plant get enough sleep to reduce the risk of safety mistakes. The Canadian Nuclear Safety Commission said, in a notice of violation, that some workers did not get the required 72-hour "recovery period" after working three consecutive night shifts at the nuclear plant. "CNSC staff contend that the N.B. Power staff working outside the bounds of [the regulations] were not provided a sufficient opportunity for sleep and recovery from sleep debt," said the nine-page notice issued in March. "As such, these workers were at an increased risk of experiencing high levels of fatigue and committing fatigue-related errors." The commission fined the utility $24,760. N.B. Power did not provide a comment on the notice to CBC News by deadline. WATCH | 'Mistakes can be made.' N.B. Power fined for Lepreau violation: N.B. Power violated nuclear rules at Point Lepreau, regulator says 55 minutes ago Duration 1:30 Green Party Leader David Coon said the revelation was alarming and suggested that the plant is short-staffed. "You're talking about operators, emergency response personnel, security people who've been working three night-shifts straight and are then having to come back to work without having the chance to get some rest," he said. "This is a nuclear reactor. You can't have people who are fatigued, who are tired, doing those jobs because as the regulator said … mistakes can be made and those mistakes could be very serious." According to the March 20 violation notice, N.B. Power's operating licence for the nuclear plant requires it to implement a program so that workers in "safety-sensitive positions" can avoid fatigue. That includes limits on hours of work and minimum recovery times. The commission first noticed during an inspection in late 2022 that N.B. Power's shift-scheduling software allowed workers to be scheduled in violation of the regulations and that some workers had exceeded the limits. N.B. Power told the commission it was adopting "interim corrective actions," including manual reviews of schedules, the notice said. Follow-up inspections by the commission, in 2023 and 2024, "found continued non-compliance" with the rule requiring a 72-hour break between three or more night shifts. There were 104 violations in 2023 and 150 in 2024, it says. The commission wrote to N.B. Power on Jan. 7 asking it to take steps to avoid more violations. The utility responded Jan. 22 claiming that it had addressed the issues, including by requiring all staff in safety-sensitive positions to get training on the rules. The commission followed up in February with a verification of N.B. Power staff training and found nearly 30 per cent of affected workers at Point Lepreau had not completed the training. "This contradicted the statements made by N.B. Power in their response to the warning letter," the commission said. The utility has taken further steps since February, including a software update that shows when the hours-of-work rules are not being followed. The commission decided to fine N.B. Power to "help deter recurrence" of the violations, the notice said. Coon said the $24,760 fine should be higher but said publicizing the violation should also compel the utility to be more diligent. When the commission first spotted the scheduling problems in 2022, Point Lepreau was overseen by N.B. Power's vice-president nuclear, Brett Plummer. CEO Lori Clark revealed in September 2023 that Plummer was leaving the position and that she was taking on the role herself. "She said she would play the dual role of CEO and vice-president nuclear," Coon said Tuesday. "Perhaps that's not appropriate."
Associated Press
26-03-2025
- Business
- Associated Press
Terrestrial Energy to Become First Publicly Traded Molten Salt Nuclear Reactor Developer Through Combination with HCM II Acquisition Corp.
Terrestrial Energy Inc. ('Terrestrial Energy' or the 'Company') is developing a small modular nuclear plant (the Terrestrial 'IMSR plant') using proprietary Generation IV Integral Molten Salt Reactor (IMSR) nuclear technology. Terrestrial Energy's IMSR plant will supply high- temperature, clean, firm and flexible heat and electricity, with sector-competitive economics and leading time-to-market at fleet scale. The Transaction will provide approximately $280 million in gross proceeds consisting of $50 million in common stock PIPE commitments at $10.00 per share from new non-affiliated fundamental institutional investors, and approximately $230 million of cash held in HCM II Acquisition Corp.'s ('HCM II') trust account before potential redemptions. Proceeds will be used to accelerate commercial deployment of Terrestrial Energy's IMSR technology and to pay transaction expenses. The Transaction values Terrestrial Energy at a pre-money equity value of $925 million, providing an attractive entry point for HCM II shareholders. The pro forma enterprise value of the new public company is expected to be approximately $1 billion with a pro forma equity value of approximately $1.3 billion, before considering anticipated PIPE financing proceeds and the impact of potential redemptions. Terrestrial Energy's IMSR plant technology benefits from strong demand forecasts across key growth sectors, including data center power supply, industrial heat and power, grid power, and the production of advanced low-carbon fuels and materials. The Company has partnerships and agreements with notable organizations such as Westinghouse Fuels, Energy Solutions, Schneider Electric, the U.S. Department of Energy (DOE), and Argonne National Laboratory, among others. Texas A&M University recently selected Terrestrial Energy to partner on the construction of a commercial IMSR plant at the Texas A&M RELLIS campus, contributing to the university's goal of achieving 1 GW of generating capacity at the site by the mid-2030s. Terrestrial Energy is led by Chief Executive Officer Simon Irish and a highly experienced management team, supported by a top-tier board of directors consisting of former C-Suites of leading U.S. nuclear utilities and engineering firms. Terrestrial Energy's market leadership in the small modular reactor (SMR) sector is demonstrated by its delivery of key regulatory milestones. In 2023, the Canadian Nuclear Safety Commission (CNSC) completed its programmatic Vendor Design Review of the IMSR plant design, the first Generation IV reactor design to complete Canada's CNSC Vendor Design Review, and a historic industry first for a nuclear plant powered with molten salt reactor technology. The Company's U.S. Nuclear Regulatory Commission (NRC) engagement commenced in 2016 and includes a successful interagency joint review of the IMSR technology under a CNSC-U.S. NRC Memorandum of Cooperation and concurrent with the CNSC's completion of the Vendor Design Review. Terrestrial Energy's CAPEX-light, long-duration business model leverages four distinct and mission-critical recurring revenue streams across the IMSR Plant's 50+ year lifecycle, spanning from pre-construction revenue activities and construction services/component supply to post- construction IMSR core-unit component and fuel supply, to deliver sustainable, long-term cash flows. All Terrestrial Energy shareholders will roll 100% of their equity holdings into the new public company and Terrestrial Energy's management team, Terrestrial Energy's primary shareholders, HCM II's sponsor and certain affiliates of HCM II's sponsor have committed to customary lock-ups. The Transaction is expected to be completed during the fourth quarter of 2025 subject to customary closing conditions. The combined entity will apply for listing on Nasdaq under the ticker symbol 'IMSR'. CHARLOTTE, N.C. and STAMFORD, Conn., March 26, 2025 (GLOBE NEWSWIRE) -- Terrestrial Energy Inc., a developer of small modular nuclear power plants using advanced reactor technology, and HCM II Acquisition Corp. (Nasdaq: HOND), today announced an agreement for a business combination (the 'Transaction' or the 'Business Combination') that will result in Terrestrial Energy becoming a public company to be listed on Nasdaq under the ticker symbol 'IMSR'. Company Background Terrestrial Energy is a developer of Generation IV nuclear plants using proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the transformative operating benefits of molten salt reactor technology in a small modular plant design that represents true innovation in affordability, efficiency, and versatility of nuclear energy supply. Terrestrial Energy's IMSR plants will supply zero-carbon, clean, firm, low-cost, high-temperature industrial heat and/or electricity for a dual-use energy role. Industrial applications include data center power supply, industrial heat and power, grid power, and green fuels sectors. The company's IMSR plant design, consisting of two operating IMSRs, has an 822 MWth / 390 MWe capacity. Terrestrial Energy's IMSR technology is differentiated from legacy nuclear technology through its use of molten salt reactor technology, which offers high efficiency and inherently safe operation. Terrestrial Energy's IMSR plants are designed to make pragmatic use of low-cost, readily available Standard-Assay Low Enriched Uranium (LEU enriched to under 5% U235) fuel, enabling secure and scalable fuel supply chains necessary for widespread fleet deployment. Terrestrial Energy believes the use of LEU fuel is a key advantage given significant challenges to the commercial supply of High-Assay Low- Enriched Uranium (HALEU is enriched to between 15% and 20% U235) due to geopolitical tensions. In February 2025, Terrestrial Energy announced the IMSR plant's selection by Texas A&M University in a competitive RFP process to site a commercial IMSR plant at the Texas A&M-RELLIS campus. The partnership will provide a platform for Terrestrial Energy to showcase a commercial IMSR plant with a project that benefits from the Texas A&M University System's national leadership in nuclear technology research and development. Led by CEO Simon Irish and a highly experienced management team, Terrestrial Energy is supported by a top-tier board of directors consisting of former C-Suite executives of leading U.S. nuclear utilities and engineering firms. The company is also supported by an expert advisory board, which includes former U.S. Secretary of Energy Ernest Moniz serving as senior counsel to the advisory board, as well as former Prime Minister of Canada, Stephen Harper, and former BP p.l.c. President and CEO, Lord John Browne, along with other highly experienced professionals from energy, industrials, aerospace and defense, finance and government. The HCM II Board of Directors also features extensive experience, including Mike Connor, former Navy Vice Admiral in charge of the U.S. Nuclear Submarine Fleet, as well as Shawn Matthews, former CEO of Cantor Fitzgerald & Co. Today, the Company is engaged with engineers, regulators, suppliers and industrial partners to build, license and commission IMSR plants for fleet operation in the 2030s. CAPEX-Light Business Model Delivers Long-Term, Recurring Revenue Streams Terrestrial Energy's CAPEX-light business model and flexible energy output delivers competitive and customized solutions to customer-specific requirements across a 50+ year IMSR plant lifecycle, enabling sustainable, long-term revenue streams. Terrestrial Energy's services include the delivery of engineering and construction services for commissioning IMSR plants, supply of critical components to construct and operate IMSR plants including long-term supply of replacement IMSR core-units every 7 years and IMSR fuel, in addition to operating, maintenance and decommissioning services. End-users are industrial and municipal counterparties requiring low-cost, clean, firm, high-temperature heat and/or electrical power, including data center operators and utilities, among others. The high-margin plant economics of Terrestrial Energy's IMSR plants derive from its reactor technology and plant design choices. The high thermal stability of molten salt coolant allows for high-temperature and low-pressure operation, with inherent safety attributes, all economic virtues. This drives high capital and operating efficiencies for low-cost heat and power, resulting in improved power plant revenue and profitability. The IMSR's high-temperature heat supply enables a 50% increase in the efficiency of electric power generation compared to legacy nuclear technologies, which it achieves with low-cost, standard industrial turbines. Furthermore, the IMSR avoids the complexity and costs of high-pressure nuclear systems, structures, and components, contributing to lower plant CAPEX, improved affordability, and lower-cost electric power compared to legacy nuclear power plants. Terrestrial Energy has partnerships and agreements in place with Westinghouse Fuel, Energy Solutions, Schneider Electric, the U.S. Department of Energy, and Argonne National Laboratory, among others. The company has a portfolio of multiple IMSR plant projects, which are sourced from a portfolio of consortium relationships. These are offering sites, construction, fuel supply, plant operating services, as well as heat and power offtake, with the capabilities to deliver further IMSR plant projects. They cover a range of deployment use-cases including co-location for data center power supply, co-located industrial plant heat and power supply, and distributed on-grid generation. Industry-First Milestones Demonstrating Regulatory Capability Driving Progress Towards Licensed IMSR Plants In April 2023, Canada's CNSC completed its multi-year Vendor Design Review (VDR) of the IMSR plant design and no fundamental barriers to licensing IMSR for commercial use were identified. The IMSR was the first Generation IV reactor design to complete this CNSC VDR, a historic first for a nuclear plant powered with molten salt reactor technology. The Company's U.S. Nuclear Regulatory Commission (NRC) engagement commenced in 2016 and includes a successful interagency joint review of the IMSR technology under a CNSC-U.S. NRC Memorandum of Cooperation and concurrent with the CNSC's completion of the Vendor Design Review. The Company and IMSR plant development have benefitted from multiple grant awards from the U.S., U.K., and Canadian governments, which have supported regulatory actions, reactor design and fuel supply development. Additionally, Terrestrial Energy's IMSR plant design is well-suited for repurposing existing and recently retired coal plants, maintaining firm power generation for grid reliability with clean and air pollution-free nuclear powered electricity generation. In 2022, DOE commissioned a report that found 80% of all retired and operating coal power plant sites can host an advanced nuclear reactor, totaling 290 sites, in addition to identifying significant primary and secondary environmental and economic benefits of IMSR technology for these applications. This represents up to 174 GW of potential replacement capacity to be met with IMSR plants in the U.S. alone as of April 2024, according to DOE. Management Commentary Simon Irish, CEO and Director of Terrestrial Energy, said: 'Extraordinary innovations in major industrial sectors are driving electric power demand growth at unprecedented rates, unleashing rapidly growing interest in our transformative IMSR plant, and its molten salt reactor Generation IV nuclear technology. Flexibility to meet a broad range of industrial heat and power requirements and a scalable supply chain together position Terrestrial Energy's IMSR plant as a preferred solution for meeting this new and growing demand. Data center operators, utilities, industrial companies, and grid operators are all seeking safe, reliable, cost-effective, and clean energy, and Terrestrial Energy's IMSR plant delivers an optimal blend of high-temperature, low-CAPEX, carbon-free heat and electricity to meet these requirements. We believe the proposed business combination with HCM II will accelerate our CAPEX-light business model and deployment strategy, through constructing, licensing, and commissioning of a fleet of IMSR plants.' Shawn Matthews, Chairman and CEO of HCM II, commented: 'We firmly believe in the transformational nature of Terrestrial Energy's IMSR plant design and technology, as well as in the role it stands to play in delivering the safe, reliable, and low-cost power to meet the rapidly growing demand for electricity and heat across a wide range of industrial applications. Terrestrial Energy has built an expert-laden leadership team with decades of experience in the nuclear and supply chain sectors and is uniquely positioned to capitalize on accelerating enthusiasm for nuclear energy as a scalable solution to meet surging power demands. We believe the business combination with HCM II will further accelerate Terrestrial Energy's growth and deliver long-term shareholder value.' Transaction Overview The Transaction will provide approximately $280 million in gross proceeds to accelerate commercial deployment of Terrestrial Energy's IMSR technology and to pay transaction expenses. The $230 million of gross proceeds consists of $50 million in common stock PIPE commitments at $10.00 per share from new non-affiliated fundamental institutional investors, and approximately $230 million of cash held in HCM II's trust account (before giving effect to potential redemptions). The Transaction values Terrestrial Energy at a pre-money equity value of $925 million, which is a significant discount to publicly traded comparable SMR peers, providing an attractive entry point for HCM II shareholders. It also implies a pro-forma enterprise value of the new public company of approximately $1 billion and a pro-forma equity value of approximately $1.3 billion (each assuming no redemptions and anticipated PIPE proceeds). Terrestrial Energy's existing management team will continue to lead the company following the completion of the Transaction. All Terrestrial Energy shareholders will roll 100% of their equity holdings into the new public company. Additionally, Terrestrial Energy's management team, Terrestrial Energy's primary shareholders, HCM II's sponsor and certain affiliates of HCM II's sponsor have committed to customary lock-ups. The proposed Transaction was unanimously approved by the Boards of Directors of HCM II and Terrestrial Energy. Completion of the proposed Transaction is anticipated to occur in the fourth quarter of 2025 subject to customary closing conditions. Additional information about the proposed Transaction, including a copy of the business combination agreement and the investor presentation, will be provided in a report on Form 8-K to be filed by HCM II with the U.S. Securities and Exchange Commission (SEC) and available at Advisors Cantor Fitzgerald & Co. is acting as exclusive capital markets advisor and sole PIPE placement agent. King & Spalding LLP is acting as legal advisor to HCM II. Bryan Cave Leighton Paisner LLP is acting as legal advisor to Terrestrial Energy. DLA Piper LLP (US) acted as legal counsel to the placement agent, Cantor Fitzgerald & Co. About Terrestrial Energy Terrestrial Energy is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the full transformative operating benefits of molten salt reactor technology in a plant design that represents true innovation in cost reduction, versatility and functionality of nuclear energy supply. IMSR plants will supply zero-carbon, reliable, dispatchable, low-cost, high-temperature industrial heat and electricity for a dual-use energy role relevant to many industrial applications, such as chemical synthesis and desalination. In so doing, they extend the application of nuclear energy far beyond electric power markets. IMSR plants have the potential to make substantial contributions to industrial competitiveness, energy security, and economic growth. Their deployment will support rapid global decarbonization of the primary energy system across a broad spectrum. Terrestrial Energy uses an innovative design, together with proven and demonstrated molten salt reactor technology, which offers a unique set of operating characteristics to deliver high and compelling commercial potential. Terrestrial Energy is engaged with regulators, suppliers and industrial partners to build, license and commission the first IMSR plants in the early 2030s. About HCM II Acquisition Corp. HCM II Acquisition Corp. ('HCM II') is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. HCM II may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. Its primary focus, however, will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team. HCM II's Class A ordinary shares and warrants are listed on the NASDAQ under the ticker symbols 'HOND' and 'HONDW', respectively. HCM II's management team is led by Shawn Matthews, its Chairman of the Board and Chief Executive Officer, and Steven Bischoff, its President and Chief Financial Officer. HCM II's Board of Directors includes Andrew Brenner, Michael J. Connor and Jacob Loveless. Important Information for Shareholders This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. In connection with the business combination, HCM II and Terrestrial Energy will file with the SEC registration statement on Form S-4 (the 'Registration Statement'), which will include a preliminary prospectus of HCM II relating to the offer of securities to be issued in connection with the business combination, and a preliminary proxy statement of HCM II to be distributed to holders of HCM II's capital shares in connection with HCM II's solicitation of proxies for vote by HCM II's shareholders with respect to the Business Combination and other matters described in the Registration Statement HCM II and Terrestrial Energy also plan to file other documents with the SEC regarding the business combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the shareholders of HCM II and Terrestrial Energy. INVESTORS OF HCM II AND TERRESTRIAL ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION. Investors will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about HCM II and Terrestrial Energy once such documents are filed with the SEC, through the website maintained by the SEC at In addition, the documents filed by HCM II may be obtained free of charge from HCM II's website at or by written request to HCM II at 100 First Stamford Place, Suite 330 Stamford, CT 06902. Participants in the Solicitation HCM II and Company, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information about the directors and executive officers of HCM II is set forth in HCM II's filings with the SEC. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their direct and indirect interests will be set forth in the Registration Statement (and will be included in the proxy statement/prospectus) and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Forward Looking Statements The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on HCM II and the Company. There can be no assurance that future developments affecting HCM II and the Company will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is actually delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one more or these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against HCM II, the Company, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of HCM II or the SEC's declaration of the effectiveness of the Registration Statement (which will including the proxy statement/prospectus contained therein) to be filed by HCM II and the Company or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability of HCM II to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination, including the reorganization described in the business combination agreement; (9) changes in applicable laws or regulations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the amount of redemption requests made by HCM II shareholders and (12) other risk factors described herein as well as the risk factors and uncertainties described in that certain prospectus of HCM II dated August 15, 2024 and the HCM II's other filings with the SEC, as well as any further risks and uncertainties to be contained in the proxy statement/prospectus filed after the date hereof. In addition, there may be additional risks that neither HCM II or Company presently know, or that HCM II or Company currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward- looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. None of HCM II, the Company, any placement agent nor any of their respective affiliates, officers, employees or agents, makes any representation or warranty, either express or implied, in relation to the fairness, reasonableness, adequacy, accuracy, completeness or reliability of the information, statements or opinions, whichever their source, contained in this press release or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. HCM II, the Company and their respective affiliates, officers, employees and agents further expressly disclaim any and all liability relating to or resulting from the use of this press release and any errors therein or omissions therefrom. Further, the information contained herein is preliminary, is provided for discussion purposes only, is only a summary of key information, is not complete and is subject to change without notice. In addition, the information contained in this press release is provided as of the date hereof and may change, and neither HCM II nor the Company undertakes any obligation to update or revise any forward- looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws. HCM II Acquisition Corp. (203) 930-2200
CBC
17-03-2025
- Politics
- CBC
Another win for Algonquin community in fight against nuclear waste dump
The Kebaowek First Nation is celebrating a second court win in the last month in its battle against the building of a nuclear waste dump at Chalk River. In January, the Canadian Nuclear Laboratories (CNL) received approval to construct the "near-surface disposal facility" at the Chalk River research campus, about 190 kilometres northwest of Ottawa and one kilometre from the river. In that same announcement, the Canadian Nuclear Safety Commission (CNSC) determined the project "is not likely to cause significant adverse environmental effects," and that Indigenous groups were adequately consulted. The Kebaowek community, among other advocate partners, challenged both of those rulings through separate judicial reviews. On Friday, in addressing the latter judicial review, federal court Justice Russel Zinn acknowledged that construction of the facility would in fact be a threat to endangered Blanding's Turtle and two bat species in the area. "We were absolutely elated because it's a victory for us, but again, it's a victory for those species at risk that are there," said Chief Lance Haymond of Kebaowek First Nation. According to the ruling, CNL failed to properly assess other reasonable locations for the site. Nicholas Pope, the legal counsel for Kebaowek First Nation, told CBC there are two other viable sites that were overlooked. "Under the law, you can't put the waste facility somewhere that's worse for species at risk when there are other places that would work just as well," he said. "Now the decision is being sent back to the government for redetermination and for right now, the project can't go ahead," Pope said. As of Sunday evening, the CNSC had not responded to the court decision. 'We were completely ignored' In a press release, Pope said the court's latest decision "is a landmark moment for environmental law in Canada." Haymond agrees, but says getting to this point should not have required so much legal pushback. "We were completely ignored, and for us, the two wins that we've won in the courts is validation that we have a voice, we have an understanding of our territory and that [what] we have to say is important," Haymond said.
