The Chair of
the recently formed Atuqtuarvik Corporation,
Mr. John M. Hickes has announced the approval
of a loan by the Corporation to Kitikmeot
Corporation.
John Hickes
says, ?the loan will assist Kitikmeot Corporation
in the expansion of their business interest
and is in line with the criteria set out
by Atuqtuarvik Corporations? shareholders.?
Charlie Lyall,
President Kitikmeot Corporation says, ?the
loan will greatly assist Kitikmeot Corporation
in carrying out its mandate to promote business
opportunities for the benefit of Kitikmeot
Inuit.?
Atuqtuarvik
Corporation was established with an initial
capital base of $20 million in July 2000
as a result of decisions made at the Annual
General Meeting of Nunavut Tunngavik Inc.
in October 1999. Policy guidelines were
developed under the leadership of the NTI
Board of Directors and representatives of
the Nunavut Trust.
Atuqtuarvik
Corporation offices are located in Rankin
Inlet. The Corporation provides investments
and loans to Inuit owned businesses creating
benefits for Inuit throughout Nunavut. Investments
and loans from $100,000 to $3 million are
available for commercially viable Inuit-owned
business projects that include start-ups,
acquisitions and expansions in all sectors
of the economy. With its own earnings as
well as additional funds from the earnings
of the Nunavut Trust, Atuqtuarvik Corporation
capitalization is expected to grow to at
least $50 million over the next three years
or four years.
The Atuqtuarvik
Board, which recently held its fourth meeting,
includes John M. Hickes of Rankin Inlet
as Chair, Monica Ell from Iqaluit as Vice-Chair,
Mickey Akavak of Baker Lake as Secretary
Treasurer, Simon Merkosak of Pond Inlet
as Director and Dennis Lyall of Taloyoak
as Director.
K.J. (Ken) Toner
is the Chief Executive Officer who joined
Atuqtuarvik Corporation following many years
of bank management experience, including
three years as the first Manager of Bank
of Montreal branch in Iqaluit. During the
previous two years, Mr. Toner had been the
Regional Superintendent for the Department
of Sustainable Development based in Iqaluit.
For further
information, please contact:
| Atuqtuarvik Corporation |
|
Atuqtuarvik Corporation |
John M. Hickes
Chairperson
Tel: (867) 645-2650
Fax: (867) 645-2640
|
|
K.J. (Ken) Toner
President and Chief Executive Officer
Tel: (867) 645-2784
Fax: (867) 645-2786 |
| Further
Contact Information |
|
|
|
