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Itasca Announces Closing of Investment in Kenora Sawmill by 1347 Investors LLC
Itasca Announces Closing of Investment in Kenora Sawmill by 1347 Investors LLC ...
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[{"type":"text","content":"Itasca-Kenora-sawmill\n \n \n \n Itasca Announces Closing of Investment in Kenora Sawmill by 1347 Investors LLC\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 \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Oct. 6, 2020\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 6, 2020\n \n /CNW/ - Itasca Capital Ltd. (TSXV: ICL) (\"\n \n \n Itasca\n \n \n \" or \"\n \n Company\n \n \") is pleased to announce that, further to its press release of\n \n September 17, 2020\n \n , one of its investee companies, 1347 Investors LLC (\"\n \n 1347 LLC\n \n \"), today completed its investment in a sawmill and related assets located in\n \n Kenora, Ontario\n \n \n \n The purchased assets are comprised of a sawmill and related equipment and lands of approximately 114 acres. The sawmill, sitting on a 42 acre site, is expected to consume up to 650,000 cubic meters of annual allowable harvest from\n \n Ontario\n \n forests and is equipped to produce up to 150 million board feet (MMBF) per year on 2 shifts of quality SPF (Premium, #1&2, stud grade and MSR grades focused on PET 8-9' lumber products). The sawmill is located near major transportation routes, including the Trans-Canada Highway and the main Canadian Pacific rail line, providing easy access to the nearby Canadian-United States border and several key mid-west U.S. markets, including\n \n Minneapolis\n \n ,\n \n Chicago\n \n ,\n \n St. Louis\n \n and\n \n Dallas\n \n . It is expected that the\n \n Kenora\n \n sawmill can be optimized to achieve production capacity of 200 million board feet annually.\n \n \n \n Larry Swets\n \n , Director and Chief Executive Officer of\n \n Itasca\n \n stated, \"Our enthusiasm could not be higher about the advancement made by our principal investment at 1347 LLC.  Not only do we believe that 1347 LLC acquired the sawmill at a very attractive price, we are excited to see this asset grow as it is brought online.\"\n \n \n \n Kyle Cerminara\n \n , Chairman of the Board of Directors of\n \n Itasca\n \n added, \"We are pleased to have 1347 LLC close its investment in the Kenora Sawmill and lo...