BlueCollar51 wrote: BFYTW2013 wrote:
This 'information' comes from the Design Basis Memorandum issued by the project team in 2013, when the project was budgeted and sanctioned by the BOARD OF DIRECTORS. The facility was subsequently built for that capacity. Any other number is pure fiction. '10.5 trains per week, sometime in the future, going to 14 trains a week at some undetermined date' sounds much better than 'current capacity is 4.0 trains a week because we just can't get our sh*t together'.
Calgary, Alberta – May 13, 2013 – Canexus Corporation (TSX: CUS) (the “Corporation” or
“Canexus”) today announced that it has entered into a “bought deal” financing agreement
with a syndicate of underwriters, led by CIBC, Scotiabank and National Bank Financial Inc.,
under which the underwriters have agreed to purchase from Canexus and sell to the public
11,840,000 common shares of the Corporation (“Common Shares”) at a purchase price of
$8.45 per Common Share (the “Offering Price”), for gross proceeds of $100,048,000 (the
“Offering”). Canexus has also granted the underwriters an over-allotment option (the “Over-
Allotment Option”) to purchase up to a further 1,776,000 Common Shares at the Offering
Price, solely to cover their over-allocation position, if any. The Over-allotment Option will be
exercisable in whole or in part, at the sole discretion of the underwriters, at any time until
and including 30 days following the closing of the Offering. If the Over-Allotment Option is
exercised in full, the gross proceeds raised pursuant to the Offering will be $115,055,200.
The net proceeds of the Offering will be used for the ongoing development of unit train
capabilities at the Corporation’s North American Terminal Operations (“NATO”) at
Bruderheim, Alberta.
In December, Canexus announced the expansion of NATO to include pipeline connected
unit train operations. The Corporation also announced that formal agreement had been
reached with MEG Energy Corp. ("MEG") to connect the Canexus Bruderheim terminal
("Bruderheim" or "Bruderheim terminal") with pipelines which interconnect with the MEG
Energy Stonefell Terminal, and to provide terminalling services to MEG for the loading of
bitumen blend for transport by rail and the receiving of diluent shipments by rail. The
Corporation is making solid progress on this project and expects to commission this
expansion late in the third quarter of 2013. Significant progress is also being made on both a
potential second pipeline/terminal connection to Bruderheim and on contract negotiations
with strategic customers for unit train shipments from Bruderheim under multi-year, take-orpay
terms. Contracts currently in negotiation for unit train shipments, if completed, will
exceed the capacity of the initial phase of development.
This project was designed to readily accommodate staged expansion of the rail loading infrastructure and the loop tracks to be able to load two unit trains simultaneously and more efficiently stage inbound and outbound unit trains, to increase capacity of the Bruderheim terminal from 7 to 13 unit trains per week. The capacity expansion is ready to proceed upon receiving sufficient customer commitment
and could be operational by mid-2014. If this next stage of expansion is approved, it would bring the total estimated cost of the pipeline connected unit train facility to approximately
$190 million through mid-2014.
Calgary, Alberta – September 2, 2014 – Canexus Corporation (TSX: CUS)
(“Canexus” or the “Corporation”) today announced the progress that has been
made at the unit train facility at its North American Terminal Operations (“NATO”)
at Bruderheim, Alberta.
Since the shutdown on June 17, 2014, the Corporation has completed construction of the 120,000 barrel Cold Lake Blend (“CLB”) tank, installed the additional 12 loading arms and related infrastructure to allow for loading of unit trains on both sides of the loading rack, etc. and is ready for commissioning and start-up. Canexus is currently on budget in relation to all
NATO activities planned for this shutdown.
During the shutdown, Canexus also completed modifications to the incineration system that are expected to double the number of railcars (from prior to the shutdown) that can be loaded at one time and is in the final stages of ordering a second incineration unit. The loading rack was also modified to accommodate
the flow of incremental diluted bitumen, from additional pumping capacity that
may be installed in the future, without needing to shut down the loading rack at
that time.
As Always; Do Your Own Due Diligence; It's Your Money !! PS; How many shifts are they currently running at NATO?