GreenFirst Forest Products Inc. announces 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 to Perimeter Forest Limited Partnership 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.
GreenFirst Forest Products 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.