VANCOUVER, BC / ACCESSWIRE / September 16, 2014 / Jemi Fibre Corp. (TSX-V: JFI) ("Jemi Fibre" or the "Company") is pleased to announce that it has completed the acquisition of approximately 31,800 hectares of private timberlands from Tembec Inc. ("Tembec") for a purchase price of $20 million plus a deferred amount of $2.1 million payable by no later than June 24, 2021. The timberlands are located in the Regional District of East Kootenay, British Columbia and the purchase represents the second and final phase of Jemi's acquisition of timberlands from Tembec previously announced on April 25, 2014 and June 25, 2014.
Concurrent with the completion of this phase of the timberlands acquisition, the Company is pleased to announce that it has completed a $20 million debt financing, being Facility B of a credit facility previously announced on August 27, 2014 (the "Credit Facility").
The Company intends to refinance the Credit Facility in connection with the completion of the U.S. based institutional financing announced on August 28, 2014.
ON BEHALF OF THE BOARD OF DIRECTORS
JEMI FIBRE CORP.
"Michael Ainsworth"
Michael Ainsworth
CEO and President
For further information, please contact:
Brent Lokash, EVP
Tel: 1 604 428-1075
Email: [email protected]
About Jemi Fibre
Jemi Fibre is a British Columbia based forest products company which trades on the TSX Venture Exchange under the symbol JFI. Jemi Fibre's operations consist of a full service contract logging division, with operations in Mackenzie and Cranbrook, a sawmill located in Edgewater producing high value lumber products, a manufacturing facility in Cranbrook producing pressure treated posts, rails and lumber for agricultural and industrial use and private timberlands located in the Kootenay region.
Forward Looking Statements
Certain statements included herein constitute forward-looking statements. The words "expect", "intend", "anticipate", "propose" and "may" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding future financings, and the development and operation of Jemi Fibre's business. Forward-looking statements are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management teams of Jemi, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks and accordingly may not occur as described herein or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Jemi Fibre Corp.