GreenFirst Completes Sale of Quebec Assets for $94 million

GreenFirst Completes Sale of Quebec Assets for $94 million

Toronto, ON – March 14, 2023 – GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst”) announced today that it has completed the previously announced sale of its La Sarre and Béarn sawmills, Abitibi and Témiscamingue forestry operations, as well as their related assets and business operations (the “Quebec Assets”) to Chantiers Chibougamau Ltée (“Chantiers Chibougamau”), for a total purchase price of approximately $94 million, subject to final adjustments.
“We thank Chantiers Chibougamau for a smooth closing and we look forward to continuing to work productively with their team,” said Paul Rivett, Interim Chief Executive Officer and Executive Chairman “as a much smaller company, we now turn our focus squarely on improving our Ontario operations and prudently reviewing all capital allocation opportunities.”

With the sale of our Quebec Assets, we have had to say goodbye to over 500 hard-working employees, many of whom have worked in the region with these assets for decades. We thank these dedicated employees for their service and we appreciate that the purchaser, Chantiers Chibougamau, a family-owned operation, welcomed them with open arms.

BMO Bank of Montreal is acting as exclusive financial advisor to GreenFirst.

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.

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-looki8ng 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.

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