Nunasi Corporation sells majority interest in Nunavut Petroleum Corporation to Qikiqtaaluk Corporation

On July 7, 2023, Nunasi Corporation sold its majority interest in Nunavut Petroleum Corporation ("NPC") to Qikiqtaaluk Corporation. As a result of the transaction, Nunasi Corporation and Qikiqtaaluk Corporation are now equal shareholders of NPC.

NPC is a holding company created to enter into a joint venture with ATCO Frontec to form Uqsuq Corporation, a corporation which supplies and delivers refined petroleum products to Iqaluit and surrounding areas.

Nunasi Corporation is a 100% Inuit-owned development corporation headquartered in Iqaluit, Nunavut.

Gowling WLG advised Nunasi Corporation with respect to this transaction with a team that included Alyssa Flaherty-Spence, Cam Cameron and Martin Roy.