[1] The film stars Paul Gross as Augustus Knickel, the mayor of Solomon Gundy, a fictional island off the coast of Nova Scotia; the island name and film title are taken from a nursery rhyme.

The community is in an economic crisis due to the cod fishing moratorium, but finds its fortunes transformed when an AWOL Russian nuclear submarine surfaces at the island.

With only four remaining crewmen, including the former missile programming officer-turned-prisoner (Tommy Sexton) on board, Knickel buys the submarine, discovers a cache of tactical missiles, and subsequently declares the island an independent nuclear power.

The film's cast also includes Mary Walsh, Maury Chaykin, Henry Czerny, Michael Gencher, Andy Jones, Louis Del Grande, and John Dunsworth.

It also includes a cameo appearance by Harvey Kirck as a newscaster.