For immediate release
March 20, 2014
NARP Congratulates Kawacatoose First Nation on Historic Opportunity
Native American Resource Partners, LLC (NARP) today congratulated Kawacatoose First Nation on becoming the first Aboriginal community to opt into the moneys management portion of the First Nations Oil and Gas and Moneys Management Act (FNOGMMA).
Kawacatoose First Nation will now be able to explore economic opportunities for the community due to adopting FNOGMMA. Prior to FNOGMMA, any money earned from mineral rights on First Nations land was held in trust by the federal government. The new legislation allows First Nations to opt out of this practice and to receive funds directly from natural resource development. The funds will be managed within a trust established by the First Nation for this purpose and administered by The Canada Trust Company. This will improve the First Nation’s ability to attract investment and to work with firms such as NARP to strengthen their economy.
A signing ceremony took place in Regina today to commemorate the historic event. Attending the ceremony was the Honourable Bernard Valcourt, Minister of Aboriginal Affairs & Northern Development, Kawacatoose Chief Darin Poorman, Perry Bellegarde, Chief of Federation of Saskatchewan Indian Nations John P. Jurrius, President and CEO of NARP and Connie Poorman, Chair of the Kawacatoose Treaty Land Entitlement Trust.
“This is an historic day not only for Kawacatoose but for First Nations across Canada. Finally, First Nations will be able to make their own economic development policies based on their own governance systems. The Chief, Council and membership of Kawacatoose should be congratulated for their vision in taking this bold step,” said John Jurrius, President and CEO of NARP.
“This is historic for our First Nation and will create many economic opportunities for our community, created by the community,” said Kawacatoose First Nation Chief Darin Poorman. “Partnering with NARP will allow us to fulfill these opportunities knowing that we have the financial resources available to proceed.”
NARP is a private investment firm focused on providing capital for First Nations in North America to develop natural resource projects through assistance with the structuring and financing of projects.
“The expansion of Kawacatoose’s surface and mineral holdings sets the stage for significant economic growth. NARP, as their financial partner, is poised not only to provide capital but to assist Kawacatoose’s leadership in many other ways to take full advantage of those economic opportunities for the benefit of their members,” said Jurrius.
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For more information, contact:
Susan Hammer, Native American Resource Partners – 1-403-930-0900
Kawacatoose First Nations Chief Darrin Poorman – 1-306-835-2125