GreenFirst Provides Market Update on Closing of Acquisition of Forest and Paper Products Assets

GreenFirst Forest Products Inc. (TSXV: GFP) (TSXV: GFP.RT) (“GreenFirst”) is pleased to announce that, in connection with its previously announced acquisition of a portfolio of forest and paper products assets (the “Acquisition”), GreenFirst has now satisfied all of the conditions required to be satisfied by GreenFirst in order to close the Acquisition. GreenFirst achieved this milestone upon receipt from the TSX Venture Exchange (the “TSXV”) late last week of its conditional approval of the Acquisition.

The parties have made significant progress towards the closing of the Acquisition and continue to work on transitional and operational matters. GreenFirst expects that these other matters will be addressed in the coming weeks such that GreenFirst expects that the Acquisition will close by the end of August, 2021.

The next major milestone to closing the Acquisition is closing the previously announced rights offering which GreenFirst continues to expect will be completed on July 30, 2021. GreenFirst intends to provide investors with an update of the results of the rights offering prior to market open on August 3, 2021.

About GreenFirst

GreenFirst is a forest-first business, focused on environmentally sustainable forest management and lumber production. We believe that sustainable forest planting and harvesting, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. GreenFirst’s long-term pursuit is to be a global leader in environmentally sustainable lumber. For more information, please visit: www.gffp.ca.

Forward Looking Information

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “estimate” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing for the closing of the Acquisition, the timing, nature and ability to satisfaction of the conditions required for the closing of the Acquisition and the results of, and timing of the completion of, the rights offering. Forward-looking statements are based on assumptions, including expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, the lumber industry (and its growth and growth rates) in North America, and the Company’s future plans and ability to complete future investments. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments.

Readers are cautioned that the foregoing list is not exhaustive and other risks are set out in the Company’s public disclosure record filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE GreenFirst Forest Products Inc.

For further information: Larry G. Swets, Jr., 630-824-8199