GreenFirst Announces Amended and Restated Shareholder Rights Plan and AGM Agenda

GreenFirst Announces Amended and Restated Shareholder Rights Plan and AGM Agenda

Toronto, ON – April 6, 2023 – GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst”) announced today that further to its press release of November 18, 2022, the Company has approved an amended and restated shareholder rights plan (the “Rights Plan”) pursuant to an amended and restated shareholder rights plan agreement dated April 5, 2023 with Computershare Investor Services Inc., as its Rights Agent.  The only substantive change to the Rights Plan from the prior version is an increase to the threshold at which a shareholder would be considered an “Acquiring Person” under the Rights Plan. This increase is from 20% to 24%.  The Company determined to make this amendment to ensure that all shareholders of the Company will be treated in the same manner under the Rights Plan and are eligible to vote on the Rights Plan at the upcoming meeting of shareholders to be held on Tuesday, May 16, 2023 (the “Meeting).  An updated version of the Rights Plan is being filed on SEDAR concurrently with the issuance of this release.

The Meeting will be a virtual meeting and will be held at 11:00 a.m.  In addition to ratification of the Rights Plan, GreenFirst will be proposing a reduced slate of nine directors for election, namely, Paul Rivett, Marty Proctor, Candice Bergen, Sean Willy, William Harvey, Michael Mitchell, Rick Doman, Larry Swets, and Barbara Anie. The Company will also be seeking ratification of the appointment of KPMG as auditors as well as shareholder approval for a reduction in its stated capital to allow for potential future dividends.

About GreenFirst

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns 4 operating  sawmills and 1 paper mill in Ontario.  GreenFirst is a significant lumber producer in Ontario, Canada. GreenFirst’s mills are located in rich wood baskets proudly operating over 6.1 million hectares of FSC® certified public Ontario 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.

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