Business
Paul Rivett and Rick Doman to join Itasca Board in Conjunction with $5,000,000 Capital Raise and Closing of Interest in Kenora Sawmill
Paul Rivett and Rick Doman to join Itasca Board in Conjunction with $5,000,000 Capital Rai...
About this update from Greenfirst Forest Products Inc
[{"type":"text","content":"\n\n\n\nPaul Rivett and Rick Doman to join Itasca Board in Conjunction with $5,000,000 Capital Raise and Closing of Interest in Kenora Sawmill\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\nCanada NewsWire\nVANCOUVER, BC, Sept. 17, 2020\n\n\n\nVANCOUVER, BC, Sept. 17, 2020 /CNW/ - Itasca Capital Ltd. (TSXV: ICL) (\"Itasca\" or \"Company\") is pleased to announce that one of its investee companies, 1347 Investors LLC (\"1347 LLC\") has agreed to acquire (the \"Acquisition\"), for consideration of $11.5 million in cash, a sawmill and related assets located in Kenora, Ontario from the court-appointed receiver of a resource-based vendor. In connection with the Acquisition, Itasca intends to complete a non-brokered private placement financing and add Paul Rivett and Rick Doman to its board of directors. The Acquisition, which has been approved by a court vesting order of the Manitoba Court of Queen's Bench granted on September 9, 2020, is expected to close on or about October 5, 2020. The Company also intends to change its name to \"GreenFirst Forest Products Inc.\" following closing. The proposed name change is subject to shareholder and TSXV approval. All amounts are in Canadian dollars unless indicated otherwise.\n\"We are excited to welcome Paul Rivett and Rick Doman to the Itasca board of directors,\" said Kyle Cerminara, Chairman of the Itasca board. Cerminara added, \"Itasca will certainly benefit from the experience of Paul and Rick and we look forward to a bright future for the company as we pursue new lumber investments under the GreenFirst banner.\" \nThe purchased assets are comprised of a sawmill and related equipment and lands of approximately 114 acres. The sawmill sits on a 42 acre site leaving over 72 acres of undeveloped lakefront land in the attractive Lake-of-the-Woods region. 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 Minneapolis, Chicago, St. Lo...