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GreenFirst Closes Rights Offering and Standby Purchase Agreement with Ravenswood Funds

Dec 13, 2024•over 1 year ago

Contract Type

agreement

TorontoManufacturingAgriculture and FarmingBuilding MaterialHome And Garden

Description

GreenFirst Forest Products Inc. has successfully closed its rights offering, resulting in subscriptions for 4,718,886 Common Shares with aggregate gross proceeds of $25,812,306.42. The net proceeds will be used to support an off-cycle capital expenditure program aimed at enhancing operational productivity and future earnings. Additionally, the company entered into a standby purchase agreement with Ravenswood Funds, resulting in the acquisition of 3,656,307 Common Shares for aggregate gross proceeds of $19,999,999.29.

Company Information

Company

GreenFirst

Location

Toronto, Ontario, Canada

About

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills 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.

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