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CALGARY, ALBERTA, May 29, 2018 - The Petroleum Services Association of Canada (PSAC) is pleased and relieved that the federal government has taken steps to ensure that the Trans Mountain Expansion (TMX) will be built.  At stake with this project are thousands of jobs; access to tidewater for our resources to obtain a fair price for our oil; economic benefits for all Canadians including Indigenous communities; and revenues to governments for social programs such as health care, education and roads.

The oil and gas industry supports over 540,000 jobs across the country and this pipeline will provide not only jobs during construction but also ongoing jobs required to extract the resource that will fill the pipeline, and the jobs from a Canadian supply-chain that provides the manufactured goods and products that support the industry.

Scores of Indigenous communities are counting on this economic development as well to help lift them out of poverty, to provide skills training and jobs, and entrepreneurial opportunities.

Reduction of global GHG emissions can also be achieved by providing our responsibly developed resources to displace wood, coal and less environmentally produced oil from around the globe.

PSAC however is deeply concerned that in light of opposition, and in order for the project to move forward, government intervention was required.  PSAC President & CEO Tom Whalen commented “Now, Canadians must ask themselves if we have succumbed to mob rule in our country over common sense and the rule of law.”  TMX was federally approved following one of the most comprehensive reviews in history but was allowed to be hamstrung by extremists and endless challenges to federal authority in a project that has been deemed in the national interest.  

“We are concerned and disappointed too, that a small minority of activists and political gamesmanship have led us to this situation, putting taxpayers on the hook for a project that was fully funded by private investment capital,” said Scott Van Vliet, PSAC Chair, and Founder & CEO of Environmental Refuelling Systems, Inc.  “What will this mean for our national unity and continued uncertainty for investor confidence in Canada?” he continued.

PSAC fears that we have allowed polarized minority politics to jeopardize investment in Canada and put our energy future at risk with this crisis.  Oh Canada, where does this leave us now?

For more information, contact:
 
Tom Whalen, President and CEO
Petroleum Services Association of Canada (PSAC)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 403.264.4195

 
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OTTAWA, May 17, 2018 - The science academies of the G7 countries have joined together to address two of the most pressing issues of our time.

The global Arctic is being profoundly transformed by climate change, with implications on terrestrial and marine ecosystems, affecting those who live on and from them. At the same time, the promises and challenges of the digital revolution continue to expand and change, making the precise character of our digital future profoundly uncertain.

The G7 Academies' statements, The Global Arctic: Sustainability of Communities in the Context of Changing Ecosystems, and Realizing Our Digital Future and Shaping Its Impact On Knowledge, Industry, and the Workforce, propose principles for achieving impactful change.

"These joint statements build on the tradition of the G7 science academies working closely together to prepare statements for the Leaders Summit," said Chad Gaffield, President of the Royal Society of Canada.

The statements have inspired a year-long series of G7 Research Summits throughout 2018.

The G7 Academies' statements on the Global Arctic and Our Digital Future can be found here.

 
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VANCOUVER, May 16, 2018 /CNW/ - Permex Petroleum Corporation (the "Company" or "Permex") is pleased to announce that it has completed its initial public offering (the "Offering") of 8,135,500 common shares ("Common Shares") of the Company at a price of $0.50 per share for aggregate gross proceeds of $4,067,750.

The Common Shares were listed on the Canadian Securities Exchange (the "CSE") on May 15, 2018 and are expected to resume trading on the CSE at market open on May 17, 2018, under the symbol "OIL".

The Company anticipates using the net proceeds from the Offering as described in its final prospectus dated March 7, 2018 (the "Final Prospectus"), including to enhance and develop existing properties by returning shut in wells to production, initiating planned waterflood activities, re-entering and stimulating well candidates that indicate the most potential for production, infill drilling on shallow fields and asset acquisitions.

Canaccord Genuity Corp., Gravitas Securities Inc. and their selling agents have received a cash commission equal to 8% of the gross proceeds of the Offering, an aggregate of 203,387 Common Shares representing shares issuable pursuant to the agents' 2.5% corporate finance fee and warrants exercisable to acquire up to 650,840 Common Shares at a price of $0.50 per share until May 16, 2021.

Upon commencement of trading, it is anticipated that Permex will have 35,661,248 issued and outstanding Common Shares, 3,332,185 Common Shares reserved for issuance pursuant to the exercise of outstanding options, 650,840 Common Shares reserved for issuance pursuant to the exercise of outstanding agents' warrants and 375,000 Common Shares reserved for issuance pursuant to an advisory agreement between the Company and Gravitas Securities Inc.

Detailed information about the Offering is available in the Final Prospectus, which was filed with securities commissions or similar authorities in the provinces of British Columbia, Alberta, Saskatchewan and Ontario and is available under Permex Petroleum Corporation's profile on SEDAR (www.sedar.com).

 
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TORONTO, May 17, 2018 /CNW/ - In recognition and celebration of their lifetime achievements, four outstanding business leaders will be inducted as Companions of the Order of the Business Hall of Fame by Chancellor David Denison during the 40th annual Gala Dinner and Induction Ceremony, taking place tonight at the Metro Toronto Convention Centre.

Each year, accomplished business leaders from across the country gather to celebrate and honour Canada's most distinguished leaders across all areas of business for their impact and enduring contributions to the economy and Canadian society.

The Inductees being recognized this year include:  

  • George Cope, President and Chief Executive Officer, BCE Inc. and Bell Canada
  • Robert J. Deluce, President and Chief Executive Officer, Porter Aviation Holdings Inc. and Porter Airlines Inc.
  • Monique F. Leroux, Chair of the Board of Investissement Quebec, Vice-Chairman of Fiera Holdings Inc. and former President of Desjardins Group
  • Ian Telfer, Chairman, Goldcorp

"The individuals being recognized have demonstrated exceptional leadership, ethics and dedication throughout their careers," said Mr. David Denison, Chancellor of the Order of the Business Hall of Fame. "We are pleased to welcome them to the Business Hall of Fame and to celebrate their contributions not only in the world of business, but to Canada as a whole."

Since its inception in 1979, the Order of the Business Hall of Fame has been the highest honour of its kind in Canadian business. Each year, business leaders are nominated by their peers and chosen by an independent selection committee representing Canada's foremost business and academic institutions. The process is managed in its entirety by Lee Hecht Harrison Knightsbridge, the National Partner of the Canadian Business Hall of Fame.

"We are honoured to play a part in recognizing these outstanding individuals," said Scott Hillier, President and CEO, JA Canada. "The Companions provide an excellent example for JA youth who hope to one day follow in their footsteps as leaders in Canadian business."

The Canadian Business Hall of Fame Gala is a celebration of the country's business leaders in support of JA Canada. It recognizes their outstanding contributions to the economic growth and wellbeing of our nation, and their positions as role models for Canada's next generation of entrepreneurs and executives. Proceeds from the gala help JA Canada fill the growing demand for financial literacy, work readiness and entrepreneurship programs for Canadian students. 

The major sponsors of the Gala and associated recognition events are Lee Hecht Harrison Knightsbridge, National Partner of the Canadian Business Hall of Fame, The Globe and Mail, Official Media Partner, Royal Bank of Canada, Announcement Reception Sponsor, and Deloitte, Companion Reception Sponsor.

 
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May 15, 2018

Cutting tool and tooling system specialist Sandvik Coromant has introduced a high-precision hydraulic chuck for turning operations that offers the market’s best pull-out security. CoroChuck ® 935 has been designed to deliver fast, rigid and secure clamping, time after time.

 

With clamping security assured, machine shops can confidently perform demanding turning operations, including those with long overhangs. In fact, CoroChuck ® 935 ensures a clamping length of four times the bar diameter. Developed for use on lathes, turning centers and multi-task turn-mill machines, the new hydraulic chuck covers most common machine interfaces.

 

“The design principal behind the high level of security offered by CoroChuck 935 is based on fulcrum technology,” explains Åke Axner, Global Product Manager – Machine Integration at Sandvik Coromant. “A thin, brazed membrane offers an optimized clamping function, whereby expansion creates two distinct clamping points on each side (fulcrums). The concept ensures the clamping force repeats for every use, providing the best possible pull-out resistance and damping performance.”

 

Further benefits of the new chuck include the use of EasyFix™ sleeves to provide the correct center height and help reduce set-up time. EasyFix™ sleeves are a solution for cylindrical boring bars that sees a spring plunger mounted in the sleeve click into a groove on the bar to guarantee the correct center height. The metallic sealing also offers good performance in applications that require high pressure coolant. Moreover, EasyFix™ facilitates excellent cutting action and improved insert life.

 

CoroChuck ® 935 is available in 20 and 25 mm bore sizes ( ¾ and 1 inch) to suit Coromant Capto ®, HSK-A/C/T, cylindrical shank and VDI machine interfaces. Imperial sizes are available in Coromant Capto and cylindrical shank interfaces.

 

For more information, please visit: www.sandvik.coromant.com/en-us/products/corochuck_935/pages/default.aspx

 

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