Canada Enterprise Emergency Funding Corporation

Toronto, December 18, 2025 – Canada Development Investment Corporation (CDEV) is pleased to confirm that its subsidiary, Canada Enterprise Emergency Funding Corporation (CEEFC), is providing a $115-million loan to the operator of the Ekati Diamond Mine located in the Northwest Territories, Arctic Canadian Diamond Company Ltd., under the LETL facility to help stabilize operations and support Canada’s strategic diamond mining sector. This targeted support is part of Canada’s commitment to protect and strengthen key sectors in the face of global trade tensions.

As consideration for the loan, upon closing, CEEFC received warrants to acquire shares in Burgundy’s parent company, with additional warrants to be issued to CEEFC subject to required approvals in accordance with Australian Stock Exchange requirements.

The LETL facility is designed to protect Canadian jobs, business operations, and investment activities in the face of actual and potential tariffs and countermeasures. LETL provides liquidity to otherwise viable businesses, while protecting taxpayer interests.

Companies interested in applying for the LETL facility can assess their eligibility and submit an enquiry form to CEEFC via the CEEFC website at https://ceefc-cfuec.ca/

For more information about this transaction, read the news release from the parent company, Burgundy Diamond Mines Limited.

Quick facts

• Established in 2020 by CDEV, CEEFC currently manages the Large Employer Emergency Financing Facility (LEEFF) program in response to the economic impact of the COVID-19 pandemic and the LETL facility to support large Canadian enterprises affected by actual or potential tariffs and countermeasures.
• The LETL facility was launched on April 15, 2025. On September 29, 2025, the inaugural loan was announced: a $400-million loan to Algoma Steel Inc.
• CDEV provides the Government of Canada with specialized financial advisory around the country’s most complex and diverse commercial interests. For over 40 years, CDEV, a federal Crown corporation reporting to the Minister of Finance, has been the entity of choice for critical financial transaction needed to help Canada achieve its goals and maximize the value of government corporate assets. 

For reference:

News release from the Department of Finance on December 18, 2025