GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) wishes to announce that the Determination Date set out in our press release dated September 27, 2024 has been extended to the close of business on October 11, 2024 and as such, the Share Capital Amendments, described in our press release dated September 27, 2024, will not be effective on October 7, 2024.
GreenFirst also wishes to announce that it is now proceeding concurrently with a substantive consolidation (the “Substantive Consolidation”) of its outstanding common shares (the "Common Shares") on the basis of one post-consolidation Common Share for each ten (10) pre-consolidation common shares (the “Consolidation Ratio”). The Substantive Consolidation will be completed concurrently with the Share Capital Amendments described in our press release of September 27, 2024.
As a result, Shareholders who hold less than 1,000 Common Shares as of the Determination Date will be entitled to cash consideration equal to that number of pre-Consolidation Common Shares held by the holder multiplied by $0.74, being the closing price of the pre-Consolidation Common Shares on the TSX on September 26, 2024.
Shareholders who hold 1,000 or more Common Shares will hold the number of post-Consolidation Common Shares equal to the number of Common Shares held divided by the Consolidation Ratio of 10. If, as a result of the Substantive Consolidation, a Shareholder is entitled to a fractional Common Share, such fractional Common Share that is less than 0.5 of one (1) post-Consolidation Common Share will be cancelled and each fractional Common Share that is at least 0.5 of one (1) post-Consolidation Common Share will be rounded up to one (1) whole post-Consolidation Common Share.
The Company will provide a further update on the date on which the Common Shares are expected to begin trading on a post-Consolidation later this week.
Letters of transmittal are being mailed to registered shareholders providing instructions to surrender the certificate(s) evidencing their Common Shares to GreenFirst’s transfer agent, Computershare Investor Services Inc. ("Computershare"), for (a) in the case of holders of 1,000 or more Common Shares share certificates representing their post-Consolidated Common Shares and (b) in the case of holders of less than 1,000 Common Shares as of the Determination Date, the Cash Consideration. Copies of the letters of transmittal are available on GreenFirst's SEDAR+ profile at www.sedarplus.com. Registered shareholders may also contact Computershare to request a copy of the letter of transmittal at 1-800-564-6253 or [email protected].
Non-registered shareholders who have questions should contact their intermediary for more information.
About GreenFirst
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 six million hectares of FSC® certified public Ontario forest lands (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.
Forward Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “estimate” or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst’s public disclosure record filed under its profile on www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For more information, please visit: www.greenfirst.ca.
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