GreenFirst sells interest in private forest land for $49.25 million

GreenFirst sells interest in private forest land for $49.25 million

TORONTO, ON, November 7, 2022 /Business Wire/ GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst”) is pleased to announce that its subsidiary, GreenFirst Forest Products (QC) Inc. has entered into an agreement to sell its interest in approximately 203,000 acres of private forest land (the “Property”) to Perimeter Forest Limited Partnership (“Perimeter”) for cash consideration totaling $49.25 million.  The Property is located in the boreal forest south of Kapuskasing, Ontario.

“We are pleased to announce this transaction with Perimeter” said Paul Rivett, GreenFirst’s Chairman. “The sale of these lands will allow Perimeter to foster long term ecosystem benefits on the Property and unlocks hidden value for GreenFirst shareholders.” Daniel Andres, Perimeter’s Chief Operating Officer noted that “GreenFirst’s legacy of good stewardship of the land combined with its attractive ecological features were value drivers for Perimeter”.

The transaction is scheduled to close on November 9th, 2022.

About GreenFirst 

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns 7 sawmills and 1 paper mill across Ontario and Quebec.  GreenFirst is a significant lumber producer in Canada. GreenFirst’s mills are located in rich wood baskets proudly operating over 9.2 million hectares of FSC® certified public and private Canadian forestlands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products. GreenFirst’s long-term vision is to be a leader in the global forestry industry.

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 are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst’s public disclosure record filed under its profile on 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. GreenFirst 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.