Membertou First Nation Chief Terry Paul said Tuesday the acquisition would create an enduring legacy for Mi'kmaq communities.

The Mi’kmaq not only become 50 per cent owners of the company, but expect to hold Clearwater’s Canadian fishing licences.

Previously, Clearwater Seafoods owned all eight licences issued for Canada's offshore lobster fishery known as Lobster Fishing Area (LFA) 41.

In a news release issued Thursday, the company says it has formed a special committee of independent directors as part of a strategic review.

The multimillion-dollar licence awarded to the Five Nations Clam Co. was supposed to offer 25 per cent of the catch to local Indigenous communities.

Dominic LeBlanc rejected calls to reverse his decision, saying he wasn't surprised there was discontent among those whose proposals failed to win approval.

Thirteen Mi'kmaq communities in Nova Scotia have come together to file an application for a licence to participate in the Arctic surf clam fishery.

Clearwater Seafoods was started 40 years ago by two young entrepreneurs. Now, it is the largest holder of shellfish licenses in Canada.

A Bedford based seafood company may see minimal effects of an import ban placed by Russia on foods from Western countries, including Canada.