GreenFirst Announces Shareholder Approval and Expected Effective Date of Share Consolidation and Share Split

TORONTO--(BUSINESS WIRE)--GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) announced that the previously announced 1 for 1,000 share consolidation (the “Consolidation”) of its common shares (the “Common Shares”) followed immediately by a 1,000 to 1 share split (the “Split” and together with the Consolidation, the “Share Capital Amendments”) are expected to become effective on October 7, 2024 (the “Effective Date”) for Common Shares held by shareholders at the close of business on October 4, 2024 (the “Determination Date”). The Common Shares are expected to begin trading on a post-Share Capital Amendments basis on the Toronto Stock Exchange at the open of the market on October 9, 2024 under the same trading symbol.

As previously announced, 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.

Letters of transmittal are being mailed to registered shareholders on September 27, 2024 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 as of the Determination Date, replacement share certificates representing the same number of Common Shares they currently hold 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 [e-mail].

Non-registered shareholders who hold their Common Shares through an intermediary such as a bank, trust company, securities dealer or broker should note that these intermediaries may have different procedures for processing the Share Capital Amendments which may differ from those described above for registered shareholders. Non-registered shareholders who have questions should contact their intermediary for more information.

About GreenFirst

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over six million hectares of FSC® certified public Ontario forest lands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products.

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 are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst’s public disclosure record filed under its profile on www.sedarplus.ca. 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. GreenFirst 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.