Vancouver, British Columbia--(Newsfile Corp. - April 25, 2014) - Jemi Fibre Corp. (TSXV:
JFI) ("Jemi Fibre" or the "Company") is pleased to announce it has reached
an agreement to purchase approximately 49,500 hectares of land and timber rights
located within the Regional District of East Kootenay, British Columbia, from
Tembec ("Tembec") for a price of $35 million ("Transaction"). The Transaction
includes a seven year earn-out provision pursuant to which Tembec would be
entitled to additional payments of $2.1 million plus a portion of any proceeds
of subsequent sales of the subject lands the Company may wish to pursue. The
agreement provides for closing to occur in June, 2014 and also provides that the
sale could close in two phases: if completed in phases, the closing of the first
phase, in connection with the sale of approximately 17,700 hectares, and timber
rights for an additional approximately 1,900 hectares, for a price of $15
million, is to occur in June, 2014 and the closing of the second phase, in
connection with the sale of approximately 31,800 hectares for a price of $20
million, is to occur in September, 2014. The closing of the Transaction,
altogether or in phases, is subject to the Company obtaining adequate financing
and other customary conditions. There can be no assurance that the Transaction
will be consummated in whole or in part.
The Company is also pleased to announce that its shareholders
have approved the Company's acquisition of WoodEx Industries Ltd., Kootenay Wood
Preservers Ltd. and Prairie Holdings Inc., as previously announced on February
13, 2014 and have approved a consolidation of the Company's shares on a one (1)
new for three (3) old common share basis, as previously announced on April 2,
2014. The Company anticipates closing the acquisitions, and the previously
announced financing in connection with the acquisitions, in May, 2014.
Implementation of the share consolidation is subject to the discretion of the
directors. For more information, please review the Company's filings at
www.sedar.com.
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: 1 604 862-5190
Email: brent.lokash@jemifibre.com
Special Note Regarding 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 Strata, 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.
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