MCFN to acquire 14.7% interest in Suncor's East Tank Farm Develompent
Suncor and Mikisew Cree First Nation announced the signing of a participation agreement for the purchase by MCFN of a 14.7% interest in Suncor's East Tank Farm Development. Under the terms of the agreement, MCFN will pay 14.7% of the actual capital cost of the East Tank Farm Development once the assets become operational, which is currently anticipated to be in the Q2 of 2017. MCFN's 14.7% share of the actual capital cost of the East Tank Farm Development is currently anticipated to be approximately $147M which will be payable to Suncor upon closing. The transaction is subject to a number of closing conditions including the negotiation of definitive documentation, the First Nation obtaining suitable financing, due diligence and other conditions customary for transactions of this nature and is anticipated to close in the Q2 of 2017.