GreenFirst Sells Interest in Private Forest Land for $49.25 Million

GreenFirst Forest Products Inc. (“GreenFirst”) is pleased to announce that its subsidiary, GreenFirst Forest Products (QC) Inc. has entered into an agreement to sell its interest in approximately 203,000 acres of private forest land (the “Property”) to Perimeter Forest Limited Partnership (“Perimeter”) for cash consideration totaling $49.25 million.  The Property is located in the boreal forest south of Kapuskasing, Ontario.

“We are pleased to announce this transaction with Perimeter” said Paul Rivett, GreenFirst’s Chairman. “The sale of these lands will allow Perimeter to foster long term ecosystem benefits on the Property and unlocks hidden value for GreenFirst shareholders.” Daniel Andres, Perimeter’s Chief Operating Officer noted that “GreenFirst’s legacy of good stewardship of the land combined with its attractive ecological features were value drivers for Perimeter”.

The transaction is scheduled to close on November 9th, 2022.

About GreenFirst 

GreenFirst Forest Products (TSX: GFP) is a forest-first business, focused on sustainable forest management and lumber production. The Company owns 7 sawmills and 1 paper mill across Ontario and Quebec.  GreenFirst is a significant lumber producer in Canada. GreenFirst’s mills are located in rich wood baskets proudly operating over 9.2 million hectares of FSC® certified public and private Canadian 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.

Source: GreenFirst Forest Products Inc.