Latest news with #Palisades
Cision Canada
2 hours ago
- Business
- Cision Canada
PALISADES PROPOSES $20-MILLION RETURN OF CAPITAL TRANSACTION TO UNLOCK SHAREHOLDER VALUE
VANCOUVER, BC, July 24, 2025 /CNW/ - Palisades Goldcorp Ltd. (TSXV: PALI) (" Palisades" or the " Company") announces it is proposing to carry out a return of capital transaction (the " Transaction"). Pursuant to the Transaction, the Company proposes to distribute a specified number of common shares currently owned by the Company, with a $20-million value, of New Found Gold Corp. (TSXV: NFG) to the shareholders of the Company on a pro-rata basis. The Transaction is intended to maximize value for Palisades' shareholders and allow Palisades to distribute shares to shareholders as a return of capital. The Transaction is also intended to be tax-efficient for Canadian Income Tax purposes. "Today's announcement of a $20 million return of capital marks our seventh distribution since 2021, bringing the total returned to shareholders to $76 million," said Collin Kettell, Founder and CEO of Palisades. "With management and insiders collectively holding approximately 45% ownership, our interests are strongly aligned with those of our shareholders. This alignment reinforces our core commitment to delivering meaningful returns. We appreciate the continued support of our stakeholders as we work to unlock the full value of our assets." The Company proposes to complete the Transaction by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia). The plan of arrangement will be voted on at the annual and special meeting of the shareholders of the Company to be held August 27, 2025 (the " Meeting") and will be subject to a number of conditions including shareholder and court approval, approval of the TSX Venture Exchange (" TSXV"), and completion of required regulatory filings. The resolution approving the Transaction must receive approval from two-thirds of the votes cast at the Meeting. The information circular for the Meeting will describe the Transaction in greater detail. In addition to the Transaction, at the Meeting, shareholders will also be voting on the following: To fix the number of directors to be elected at four; To elect directors of the Company to hold office until the next annual meeting; To re-appoint Deloitte LLP as auditor of the Company for the ensuing year and to authorize the directors to fix the remuneration to be paid to the auditor; To consider and, if deemed appropriate, approve the Company's stock option plan; To consider and, if deemed appropriate, approve the grant of conditional stock options under the Company's stock option plan, subject to the approval of the Company's stock option plan; and To consider and, if deemed appropriate, approve the potential creation of Michael Parker as a new Control Person of the Company, as such term is defined in the polices of the TSXV. The Company will announce the effective date of the Transaction once all necessary approvals have been obtained. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. About Palisades Goldcorp Ltd. Palisades Goldcorp Ltd. is a Canadian company incorporated in the province of British Columbia acting primarily a resource investment company and merchant bank focused on junior companies in the resource and mining sector. The Company seeks to acquire equity participation in pre-initial public offering and early-stage public resource companies with undeveloped or undervalued high quality projects. The Company focuses on companies that are in need of financial resources to realize their full potential, are undervalued in capital markets, and/or operate in jurisdictions with low to moderate local political risk. The Company is focused on providing retail and institutional investors with exposure in the junior resource space. The Company primarily expects to continue to make investments, pursuant to its dual investment strategy, to achieve broad sector exposure with upside in the event of appreciation in mineral commodities prices, while also providing the potential to realize appreciation in net asset values as a result of discoveries by issuers in which the Company holds larger positions. At present, and after the acquisition of Palisades Investments Ltd (formerly Radio Fuels Energy Corp.) in February 2025, Palisades has a portfolio of equity investments, or securities convertible into equity investments, in over 125 junior resource issuers. Through subsidiaries, Palisades holds exploration properties in Nevada and a uranium exploration property in Canada. The Company owns 100% of Made in America Gold Corp., which ranks as the largest junior mineral claim holder in the State of Nevada, as well as 100% of Radio Fuels Resources Corp., which owns the Eco Ridge Uranium Project in Elliot Lake, Ontario. The common shares of the Company are listed and posted for trading on the TSXV under the symbol "PALI". Palisades' management team identifies highly prospective assets in politically safe jurisdictions and seeks to unlock their value by providing strategic investments, proven technical skills, global knowledge, and increased access to industry relationships. On behalf of the Board of Directors " Collin Kettell" Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements Regarding Forward Looking Information This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements in this news release, other than statements of historical fact, including, without limitation, statements relating to the successful completion of the Transaction and any tax effects thereof, and the plans and business of Palisades are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Palisades, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to close the Offering on the terms announced or at all, the ability of the Company to obtain acceptance by the TSX Venture Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Palisades does not assume any obligation to update these forward-looking statements should they change, except as required by applicable securities laws.
USA Today
2 days ago
- Business
- USA Today
'A new reality': Price tag for LA fires pegged at $65 billion, report says
Until this year the 2018 Camp Fire stood as not only the deadliest wildfire in California history but also the costliest in the U.S., with $13 billion in economic losses, adjusted for inflation. A new report says each of the two major wildfires that devastated parts of Los Angeles County in January cost more than twice as much, adding up to a whopping $65 billion in losses. The Palisades ($37 billion) and Eaton ($28 billion) fires also became the most expensive wildfire events ever for the reinsurance industry, causing $40 billion total in covered damage, according to the report by Gallagher Re, a global firm that provides insurance to insurers. '(We're) talking about two of the most expensive fires ever recorded globally,'' said Steve Bowen, chief science officer for Gallagher Re, underscoring the rarity of such twin calamities occurring well into California's traditional rainy period. 'We're facing a new reality regarding the seasonality of wildfires,'' he said. The concurrent blazes killed 30 people and destroyed more than 16,200 buildings – compared to 85 and 18,800 for the Camp inferno, which wiped out the Northern California town of Paradise. Burning expensive real estate The increased price tag reflects the L.A. blazes' location in one of the nation's most expensive housing markets, and it also highlights the unique spot the U.S. held in the ranking of costly natural disasters in the first six months of 2025. In a relatively tame first half of the year for weather-related catastrophes across the planet, the U.S. racked up $110 billion in losses, representing 73% of the world's total and 92% of the covered insurance damages, Gallagher Re said. Every other region was below average. The U.S. had 15 billion-dollar and eight multibillion-dollar weather-related events in the first half of 2025, while the rest of the world had six and three, respectively. In addition to the destructive wildfires, chief among them the ones in Southern California, Americans had to contend with a high number of severe convective storms – essentially thunderstorms – that produced tornadoes, high winds and hail, leading to about $42 billion in economic losses. At least 118 tornado touchdowns were unleashed during a March 13-16 outbreak across 15 states, mostly in the Midwest and parts of the South and East, killing at least 43 people. Federal officials said the 300 verified tornadoes in March smashed the previous record. Weather whiplash a growing concern Bowen noted the emergence of 'weather whiplash,'' where a region experiences two ends of the climate spectrum – say, from drenching rain that fosters vegetation growth to extended dry spells that turn brush into tinder – in a relatively short time. California has been prone to that phenomenon in recent years, in addition to downpours that fall on burn scars from fires, resulting in flooding and mudslides. 'Really being cognizant of these shifts in weather is becoming much more important as we see the influence of climate change in the day-to-day weather patterns,'' Bowen said.
CNBC
6 days ago
- Business
- CNBC
Insurers just marked the costliest first half of the year since 2011
Global insured losses for the first half of this year have reached $84 billion, according to a recent Gallagher Re report — the highest first half total since 2011. Violent storms in the U.S. with damaging wind, lightning and hail are driving losses for insurers of more than $30 billion, according to the report from the global reinsurance broker. These severe convective storms make up 39% of the insured losses globally in the first half of 2025. The damage is expensive. In the U.S., 11 different storms produced insured losses of at least a billion dollars — and three of those storms cost insurers more than $2 billion. A historic storm outbreak from March 13 to March 16 spawned at least 118 tornado touchdowns across 15 states and resulted in 43 fatalities. Claims are still being processed, but Gallagher Re said it expects insured losses to approach $7.7 billion, making it the fourth costliest single severe convective storm event in modern history. Gallagher Re said 2025 is on a clear path to surpassing $100 billion in insurance losses for the full year, calling the threshold "a new market reality." Insurers have to deal with a variety of weather-related concerns. Hail is a huge problem, the report noted — more frequent storms that produce damaging hail are driving large losses for insurers. Meanwhile, the Palisades and Eaton wildfires in Southern California in January are responsible for an estimated $40 billion in insured losses, the costliest individual wildfire events ever recorded for insurers and reinsurers. Soaring housing costs are also fueling the the significant growth in insured losses. Higher prices associated with materials and labor mean insurers pay more to repair or replace homes, buildings and vehicles. And people continue to choose locations that are vulnerable to severe weather or fire.
E&E News
15-07-2025
- Business
- E&E News
Mothballed nuclear plant on brink of revival
The sleepy 2,500-person Covert Township in Michigan is on the cusp of setting a new milestone amid what many are calling a U.S. nuclear renaissance. In October, Palisades nuclear generating station is expected to become the country's first commercial reactor to reopen after fully shutting down. The milestone comes amid a resurgence in public support for nuclear power and state and federal leaders' readiness to financially back the projects. The Biden administration committed a $1.5 billion loan guarantee to the Palisades restart, and the Trump administration has since continued those disbursements even as it moves to freeze other green energy dollars. Advertisement 'We've got two administrations with very different philosophies on energy, both saying this makes sense to move ahead with bringing Palisades back,' said Rep. Bill Huizenga (R-Mich.), who represents Covert's congressional district. 'All the infrastructure is there. There's no long, drawn-out permitting process. It's not like it's a new greenfield development. It's been there for decades,' he continued. But to Kevin Kamps, a staffer at the Maryland-based watchdog group Beyond Nuclear and a Michigan native, the planned reopening of Palisades is an impending 'nuclear nightmare.' Beyond Nuclear contested the plan at virtually every step of the vetting process and now 'fully intend[s] to appeal to the federal courts,' Kamps said. Reopening Palisades, Kamps said, means 'risking a Chernobyl on the Michigan shoreline.' Other advocates are concerned about the future environmental health of the Great Lakes, which account for over 20 percent of the world's surface freshwater. 'You're out of your mind' Opened in 1971, Palisades ran for over 50 years on the shores of Lake Michigan with no serious accidents. The single-reactor plant can produce 800 megawatts, enough to supply roughly 6 percent of Michigan's electricity needs. From the moment then-owner Entergy announced its intention to decommission the plant in 2018, people moved to save it, said Adam Stein, director of nuclear energy and innovation at the Breakthrough Institute. 'Entergy wanted to move out of the generation space and back into being a regulated utility, at least in the north, and was selling [Palisades] to Holtec International to move into the decommissioning space,' Stein said. 'It had a long-term purchasing power agreement at the time, it was making a profit, [and had] a license that extended several more years.' Despite efforts from Michigan Gov. Gretchen Whitmer (D) to save the plant, it officially closed in June 2022. 'If you had asked either one of us before we were shutting this plant down, 'Would this restart?' we probably would have both said, 'You're out of your mind,'' said Pat O'Brien, Holtec's government affairs director, on a call with POLITICO's E&E News. Nick Culp, Holtec's senior manager of government affairs, added: 'That is a big undertaking by a single state to say, 'We're gonna be the first to do this.' I would say that's where the leadership really made a difference.' After an inquiry from Whitmer, Holtec followed a slow decommissioning process. Meanwhile, the prospect of a restart also caught the eye of Biden's Energy Department secretary, Jennifer Granholm. 'Where it made sense for us is when we got in discussions with DOE and the Loan Programs Office about what it would look like if we were to try to work with them for potential funding,' O'Brien said. In September 2023, Holtec announced a new agreement for the plant to sell power to Wolverine Power Cooperative, officially kicking off the restart process that's expected to generate 600 permanent jobs. Eventually, the state and federal governments together pledged $1.8 billion to restart the plant. Last May, Holtec cleared a major hurdle when the Nuclear Regulatory Commission's environmental assessment concluded there were no significant environmental impacts associated with resuming the plant's operations. Locals are ready to welcome the plant back. 'The vast majority and overwhelming response that we've seen has been positive on this,' Huizenga said in an interview, adding that his constituents 'are very, very enthusiastic about everything from the jobs that get created to tax base to the need for an energy base load.' The opposition Not everyone is happy to see Palisades returning. One of Kamps' main safety concerns with the reopening of Palisades has been the potential degradation of tubes in the steam generator. Steam generators use thousands of tubes for heat exchange, which can become damaged over time, reducing power output. To restore efficiency, damaged tubes at Palisades are sleeved — a process of inserting a smaller pipe to seal off damage while maintaining water flow. Some activists are concerned about those sleeves swelling or shifting under extreme heat and blocking the flow. 'They are not real concerns,' Stein said. 'If you are at the temperature at which that would happen, there are already larger concerns in the reactor anyway.' Stein adds that if a sleeve does move and block flow, it's not an immediate danger so much as a loss of efficiency. The NRC's assessment reached the same conclusion as Stein, with staff concurring that finding a solution to prevent sleeve movement under high temperatures is not important enough to delay the restart timeline. From Detroit, activist Jesse Deer in Water, a member of the Michigan Environmental Justice Coalition, advocates for tribal rights and belongs to the Cherokee Nation of Oklahoma. Radioactive waste is the crux of his worries about the plant reopening. 'Not only is it making the people sick, it's making the land sick too,' he said about the effects of Palisades and its locally stored radioactive waste. A 2013 non-peer-reviewed report by Joseph Mangano, who heads a New York-based nonprofit dedicated to studying how radioactivity affects public health, found that the 'death rate for all cancers combined' in Van Buren County, where Palisades is located, 'was 10.5% below the Michigan rate in the 1970s, but is now 12.0% above the state.' But the NRC's environmental assessment found that thyroid cancer rates in Van Buren County were consistently below the state average from 2001 to 2020. 'There are no studies to date that definitively demonstrate a correlation between radiation dose from nuclear power facilities and cancer incidence in the general public,' the assessment said. Environmental activists are also fearful of the new small modular reactors (SMRs) Holtec plans to build and test at the Palisades plant. Deer in Water is frustrated about local residents having to serve as 'guinea pigs.' SMRs are small reactors designed to be factory-assembled. Supporters argue SMRs are inherently safer due to their size and recent advancements in passive nuclear safety features, but none have been built commercially in North America. 'They needed to do more to engage the Indigenous communities,' Deer in Water said. According to Deer in Water, there are burial sites and sacred sites on the Palisades land. He considers the possible consequences of restarting the plant's operations to be 'tragic,' claiming the Indigenous community has deep cultural ties to the land. An archaeological survey conducted last year and commissioned by Holtec found no burial places, but three archaeological sites were unearthed: a 20th century building and a temporary tool-making camp and an isolated tool fragment from pre-Columbian American Indians. Can other shuttered plants return? With Palisades remaining on schedule for a restart this fall and nuclear power enjoying a moment of popular approval and high investment, many in the private and public sectors are eyeing other potential nuclear restarts — but opportunities for short turnarounds are scarce. 'It really comes down to the state of the mothballing that's done in the decommissioning work,' said Brian Wirth, head of the University of Tennessee's Department of Nuclear Engineering. 'The moment you make any significant penetrations in the pressure vessel, you're done, because that's the one component that you can't replace easily.' Once the pressure vessel is penetrated, operators have little to no financial savings from a restart over constructing a new reactor. Stein said that leaves Pennsylvania's Three Mile Island and Iowa's Duane Arnold as the two near-term restart contenders. 'Indian Point [Energy Center in New York], within a year of shutting down, they cut a gigantic hole in the side of the container. That would be very expensive to repair. Whereas Three-Mile Island was a safe store. It was kept essentially packed and monitored for issues for a long period of time,' Stein said. Adding to the prospects for Three Mile Island, which was recently rebranded as the Crane Clean Energy Center, is the financial backing of Microsoft. In September, the tech giant signed a 20-year power supply agreement with operator Constellation Energy. Soon, Three Mile Island, Duane Arnold, and other closed plants will have a model to follow. '[Palisades] will set the precedent across the globe for restarting old-aged, shut-down reactors,' said Deer in Water.
Yahoo
11-07-2025
- Climate
- Yahoo
Texas rescue helicopter forced to make emergency landing after colliding with private drone
A helicopter used for rescue and recovery operations in flood-stricken Texas was grounded after it collided with a private drone flying in restricted airspace. The city of Kerrville, Texas, put out an advisory on Monday asking residents to keep their drones grounded until first responders finish searching for flood victims and survivors. "This afternoon, a private drone illegally operating in restricted airspace collided with a helicopter involved in emergency operations in Kerr County. The helicopter was forced to make an emergency landing, and a critical piece of response equipment is now out of service until further notice," the city said in a statement on Facebook. "This was entirely preventable." Heavy rains in central Texas caused the Guadalupe River to surge beyond its banks and flood the surrounding region over the weekend. At least 104 people — including 28 children, some of which were at a summer camp — have been killed across six counties. First responders are searching for survivors using helicopters, and temporary flight restrictions have been put in place in some parts of the state. "Temporary Flight Restrictions (TFRs) are not suggestions. They are federal airspace rules designed to protect lives during emergency situations. When you fly a drone in restricted areas, you're not just breaking the law — you're putting first responders, emergency crews, and the public at serious risk," the city wrote in a statement. As of Tuesday, a TRF lasting until July 13 bars pilots and drone operators from flying over a large portion of the Guadalupe River, unless they are officially part of the relief effort. Community Services Officer Jonathan Lamb, urged people to stay away from the area. 'We understand there's natural curiosity, people want to come and see the flood damage,' he said at a news conference on Wednesday. 'Now is not the time for sightseeing, this operation is ongoing.' On Sunday, Kerrville City Manager asked locals to keep their personal drones grounded. 'We know that people want to volunteer, but what we are starting to see is personal drones flying,' Rice said. 'These personal drones flying is a danger to aircraft, which then risks further operations.' It's not the first time a drone has disrupted a relief mission. During the massive Palisades wildfire in Los Angeles earlier this year, a drone hit a firefighting airplane. The damage from the impact forced the plane to land for repairs as neighborhoods burned. The ongoing search effort in Texas is massive, with more than 20 state agencies are responding to the flooding, including approximately 1,750 state officials and nearly 1,000 state vehicles, according to Texas Governor Gregg Abbott. The Federal Emergency Management Agency is sending a search and rescue team comprised primarily of firefighters, paramedics, physicians and engineers to assist in the recovery efforts, and Governor Glen Youngkin of Virginia is sending the state's water rescue teams to Texas to assist in the search. Crews from Florida, Pennsylvania, California and even Mexico have been sent to join in the response effort. The Cajun Navy, a renown volunteer group who use their boats to search for missing people, have also rushed to assist in the search efforts in Texas.
