Interestingly, 'Toonik' (or 'Tuniq' in standard roman orthography) translates to the ancient giant beings that once occupied the same lands where Inuit have found a home in. The plural term for 'Tuniq' is 'Tuniit.' These strong and sturdy beings mysteriously vanished from the Arctic region leaving only a few traces of their existence.
On another note, the festival was probably brought about due to the fact that the Arctic experiences some extreme contrasts between the darkness of night which peaks in late December, and the oft-stated 24-hour sunlight that does not appear to dim in June.
It is this time of the season (spring) when Inuit have a very good reason to celebrate - We have survived another year! A time when we know that things will be easier and to look forward to the warm weather and all things that come with summer!
So, if you're in the neighbourhood, go out and take a walk, go sliding or skidooing and participate in the activities that the have been organized for everyone's fun - And remember to stay safe!