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Powell new Realtors boss

INDEPENDENT broker David Powell has been elected 2014 president of the 1,800-member-strong Winnipeg Realtors Association.

Powell, owner/broker of Powell Property Group, succeeds outgoing president Richard Dettman.

Some of the issues Powell said he expects to deal with during his one-year term include finding technological solutions to help Realtors better serve homebuyers and sellers, a review of the Real Estate Brokers Act, and affordable-housing issues such as the provincial land-transfer tax -- a graduated tax based on the selling price of a property that all homebuyers must pay before the title to their new home can be transferred to their name and they can take possession.

 

Nordstrom in T.O. by 2016

TORONTO -- Nordstrom Inc. says it will open a department store at the Toronto Eaton Centre by the fall of 2016, but its space will be noticeably smaller than previous tenants.

The announcement comes as Sears Canada prepares to exit the high-profile mall next month.

The new three-storey Nordstrom store will cover about 213,000 square feet, said Cadillac Fairview, manager of the Toronto Eaton Centre.

The Seattle-based retailer of high-end fashion is planning a steady push into Canada starting this fall with a store at the Chinook Centre mall in Calgary.

Cadillac Fairview owns Chinook, as well as malls in Ottawa and Vancouver that will open Nordstrom stores next year.

"Our properties were the first to welcome Nordstrom to Canada and we're thrilled to continue our partnership," said John Sullivan, Cadillac Fairview's president and chief executive.

"We believe it takes foresight and innovation to bring popular retail brands like Nordstrom to our centres, which in turn attracts enthusiastic shoppers."

 

Snow Lake sale delayed

THE closing date for the $20-million sale of the Snow Lake mine has been extended to the end of March.

QMX Gold Corp. originally announced the sale to Liberty Mines Ltd. (now called Northern Sun Mining Corp.) in late August. In October, a definitive agreement was signed for a Jan. 14 closing.

With the announcement of the acquisition in October, Northern Sun embarked on an aggressive restructuring plan including trying to raise $30 million in a private placement.

That offering has not closed and one industry source said delaying the closing of an acquisition often means all the financing is not yet in place.

In an interview, David Rigg, president and CEO of Northern Sun, said he is optimistic his company will be able to close on the Snow Lake property by the new deadline.

Northern Sun is 60 per cent owned by Jien International Investment Inc., a Toronto-based company that is a wholly-owned subsidiary of Jilin Jien Nickel Industry Co., Ltd. which is listed on the Shanghai Stock Exchange.

Northern Sun has said it sees immediate medium-term growth potential targeting 80,000 ounces of gold per year at the Snow Lake property, with projected total cash costs estimated at $852 per ounce of gold.

 

-- from staff and news services

Republished from the Winnipeg Free Press print edition January 16, 2014 B6

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