In This Article:
TORONTO, October 07, 2024--(BUSINESS WIRE)--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 corporateactions@computershare.com.