Conifex completes C$28.5M in share sales, plans to use proceeds for capital investment, general corporate spending

Audrey Dixon

LOS ANGELES , February 16, 2012 (Industry Intelligence) –

British Columbia-based Conifex Timber Inc. said Thursday it had completed a C$28.5 million sale of shares.

According to a Feb. 16 press release, the major part of the two-part sale included 3.86 million brokered common shares for C$27 million.

The CEO of Conifex and other company insiders also bought 214,286 common shares for a total of C$1.5 million.

Conifex plans to use the net profit from its share sales for capital investment and general corporate spending.

Raymond James Ltd. and a syndicate including TD Securities Inc., CIBC and Salman Partners Inc. underwrote the deal.

The company, based in Fort St James in northern British Columbia, will release its fourth quarter 2011 financial results Feb. 21, it said in Thursday's release.

Conifex operates three mills in British Columbia, including a sawmill in Fort St. James and a two-mill facility in Mackenzie, where it plans to build a bioenergy plant. The company has the capacity to produce about 745 million bd. ft. of lumber a year, and its sawmill complexes are supported by renewable forestry licences with an AAC of about 1.6 million cubic meters, according to the release.

The primary source of this article is a news release from Conifex Timber Ltd., Vancouver, British Columbia, on Feb. 16, 2012.
 

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