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GreenFirst to Acquire Forest and Paper Products Assets in Ontario and Québec with expectation to become top-ten lumber producer in Canada and Announces proposed Debt and Equity Financings
GreenFirst to Acquire Forest and Paper Products Assets in Ontario and Québec with ex...
About this update from Greenfirst Forest Products Inc
[{"type":"text","content":"\n \n \n \n GreenFirst to Acquire Forest and Paper Products Assets in Ontario and Québec with expectation to become top-ten lumber producer in Canada and Announces proposed Debt and Equity Financings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n \n Transaction establishes a strong foundation for GreenFirst's strategy to invest in pure-play lumber and forest products opportunities in\n \n North America\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 12, 2021\n \n /CNW/ - GreenFirst Forest Products Inc. (TSXV: GFP) (\"\n \n GreenFirst\n \n \") is pleased to announce that it has entered into a binding asset purchase agreement (the \"\n \n Agreement\n \n \") dated\n \n April 10, 2021\n \n pursuant to which a wholly-owned subsidiary of GreenFirst (the \"\n \n Purchaser\n \n \") has agreed to acquire a portfolio of forest and paper product assets (the \"\n \n Purchased Assets\n \n \") from Rayonier A.M. Canada G.P. and Rayonier A.M. Canada Industries Inc. (collectively, \"\n \n RYAM\n \n \"), each a subsidiary of Rayonier Advanced Materials Inc. (NYSE: RYAM), which is arm's length to GreenFirst. The Purchaser is acquiring the Purchased Assets for a purchase price of\n \n US$140 million\n \n plus the value of the inventory on-hand at the time of closing, reflecting an aggregate purchase price expected to be approximately US$214 million (the \"\n \n Purchase Price\n \n \") which is payable approximately 85% in cash and approximately 15% in common shares in the capital of GreenFirst (each a \"\n \n Common Share\n \n \"). In addition, a chip offset credit note will be issued to RYAM by the Purchaser, in the amount of\n \n C$7.9 million\n \n wh...