Conifex Timber Inc.

TSX VENTURE : CFF


Conifex Timber Inc.

December 04, 2012 09:00 ET

Conifex Announces Agreement in Principle to Extend Note Maturity and Corporate Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2012) - Conifex Timber Inc. (TSX VENTURE:CFF) ("Conifex" or the "Company") today announced that it has reached an agreement in principle to extend the maturity date of its $12.0 million of senior secured notes to December 31, 2013, subject to final documentation and other customary conditions. The interest rate on the notes will remain unchanged, there will be a one percent extension fee and, if the Notes are repaid after June 30, 2013, they will be subject to a premium of 3.5%.

Additionally, Conifex announces that it has revised its management structure and eliminated the Chief Operating Officer position in order to, among other things, streamline operations and provide for more direct-line reporting.

About Conifex Timber Inc.

Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, and the manufacture, sale and distribution of its products. Conifex's lumber products are sold in the United States, Chinese, Canadian and Japanese markets. Upon completion of its bioenergy facility at Mackenzie, British Columbia, Conifex's business sectors will be expanded to include bioenergy.

Forward-Looking Statements

Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of the Company's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of the Company or industry may be materially different from those implied by such forward-looking statements. Forward-looking statements involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including those matters described in Schedule "A" to the filing statement of the Company dated May 25, 2010 under the heading "Risk Factors", available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

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 release.

Contact Information

  • Conifex Timber Inc.
    Yuri Lewis
    Chief Financial Officer
    (778) 331-8687