Press release from Marketwire
Conifex Closes $25 Million Senior Secured Revolving Credit Facility and Discharges 12% Senior Secured Notes
Tuesday, April 02, 2013
Conifex Closes $25 Million Senior Secured Revolving Credit Facility and Discharges 12% Senior Secured Notes17:05 EDT Tuesday, April 02, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 2, 2013) - Conifex Timber Inc. ("Conifex" or the "Company") (TSX VENTURE:CFF) announced today that it has completed a $25 million senior secured revolving asset backed credit facility (the "Facility") with a leading Canadian chartered bank. The Facility is available for a term of 3 years.
A portion of the Facility, together with cash on hand, was used to repay in full the previously issued 12% senior secured notes of the Company in the principal amount of $12 million. Conifex intends to utilize the Facility for working capital and for other permitted general corporate purposes.
Kenneth Shields, the president and chief executive officer of the Company, stated: "Securing these new credit facilities importantly reflects the productivity gains we have been achieving in 2013. Lumber production has been running at an annual rate of 480 million board feet, compared to 2012 production of 424 million board feet."
Release of First Quarter 2013 Financial Results and Conference Call
The Company also announced today that it will release its first quarter 2013 financial results after markets close on Monday, May 13, 2013.
Conifex will host a conference call to discuss its first quarter 2013 financial and operating results on Tuesday, May 14, 2013 at 8:00 a.m. Pacific Time / 11:00 a.m. Eastern Time. To participate in the call, please dial: 416-340-2216 / 866-226-1792. The call will be available on instant replay access until May 28, 2013 by dialing 905-694-9451 / 800-408-3053 and entering participant pass code 1851950.
About Conifex Timber Inc.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. 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.
Certain statements in this news release may constitute "forward-looking statements", including statements with respect to the Facility. 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", "intends" "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 involve 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 the Company's 2012 annual management's discussion and analysis, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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.
Chief Financial Officer