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VANCOUVER, BC, July 26, 2021 /CNW/ - GreenFirst Forest
Products Inc. (TSXV: GFP) (TSXV: GFP.RT) ("GreenFirst") is
pleased to announce that, in connection with its previously
announced acquisition of a portfolio of forest and paper products
assets (the "Acquisition"), GreenFirst has now satisfied all
of the conditions required to be satisfied by GreenFirst in order
to close the Acquisition. GreenFirst achieved this milestone upon
receipt from the TSX Venture Exchange (the "TSXV") late last
week of its conditional approval of the Acquisition.
The parties have made significant progress towards the closing
of the Acquisition and continue to work on transitional and
operational matters. GreenFirst expects that these other matters
will be addressed in the coming weeks such that GreenFirst expects
that the Acquisition will close by the end of August, 2021.
The next major milestone to closing the Acquisition is closing
the previously announced rights offering which GreenFirst continues
to expect will be completed on July 30,
2021. GreenFirst intends to provide investors with an update
of the results of the rights offering prior to market open on
August 3, 2021.
About GreenFirst
GreenFirst is a forest-first business, focused on
environmentally sustainable forest management and lumber
production. We believe that sustainable forest planting and
harvesting, coupled with the long-term green advantage of lumber,
provide GreenFirst with significant cyclical and secular advantages
in building products. GreenFirst's long-term pursuit is to be a
global leader in environmentally sustainable lumber. For more
information, please visit: www.gffp.ca.
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 in this news release
include, but are not limited to, statements with respect to the
timing for the closing of the Acquisition, the timing, nature and
ability to satisfaction of the conditions required for the closing
of the Acquisition and the results of, and timing of the completion
of, the rights offering. Forward-looking statements are based on
assumptions, including expectations and assumptions concerning:
interest and foreign exchange rates; capital efficiencies, the
lumber industry (and its growth and growth rates) in North America, and the Company's future plans
and ability to complete future investments. While the Company
considers these assumptions to be reasonable, based on information
currently available, they may prove to be incorrect. Readers are
cautioned not to place undue reliance on forward-looking
statements. In addition, forward-looking statements necessarily
involve known and unknown risks, including, without limitation,
risks associated with general economic conditions; adverse industry
events; future legislative, tax and regulatory developments.
Readers are cautioned that the foregoing list is not exhaustive
and other risks are set out in the Company's public disclosure
record filed under the Company's profile on www.sedar.com. 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. The Company 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.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE GreenFirst Forest Products Inc.