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PORT ALBERNI, BC, May 3, 2021 /PRNewswire/ -
Huumiis Ventures Limited Partnership ( Huumiis ), a limited partnership beneficially owned by the Huu-ay-aht First Nations ( Huu-ay-aht ), and Western Forest Products Inc. (TSX: WEF) ( Western ) announced today the completion of Huumiis acquisition of an incremental 28 per cent ownership interest in TFL 44 Limited Partnership ( TFL 44 LP ) and TFL 44 LP s general partner, TFL 44 General Partner Inc. ( TFL 44 GP ) from Western, for $22.4 million. With the completion of this transaction, Huumiis now owns a 35 per cent ownership interest in TFL 44 LP and TFL 44 GP, with Western owning the remaining respective 65 per cent.
TFL 44 Logo (CNW Group/Western Forest Products Inc.)
Western Forest Products Inc Completes Sale of an Incremental Ownership Interest in TFL 44 LP to Huumiis Ventures LP prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Winners to be announced virtually June 9 at a free online event.
This is a great victory for the Nuu-chah-nulth Nations involved, as they have accessed the oceans and rivers since time immemorial for their livelihood within their territories. The court confirmed earlier rulings that the Nuu-chah-nulth have an essential relationship to the fisheries of their territories, and that relationship included a strong economic component.
Nuu-chah-nulth fishermen had been quite wealthy when they were able to fully exercise their way of life. But then their allocations were cut, and many were forced to stop fishing as they couldn’t make enough money to run their boats and crews. Today, there are few Nuu-chah-nulth who have boats and licences, and these will now be restored.
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