VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 8, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
Conifex Timber Inc. ("Conifex") (TSX:CFF) is pleased to announce that it has completed its previously
announced bought deal offering (the "Offering"), including the exercise in full by the underwriters of their
over-allotment option, resulting in aggregate gross proceeds of $10,522,500. The Offering was conducted by way of a short form
prospectus dated March 1, 2017 by a syndicate of investment dealers led by Raymond James Ltd. and including CIBC World Markets
Inc., who purchased a total of 3,450,000 common shares of Conifex at a price of $3.05 per share.
Conifex intends to use the net proceeds of the Offering to partially repay outstanding indebtedness under its existing credit
facility with Wells Fargo Capital Finance Corporation Canada, which may be re-drawn, to partially pay costs of its El Dorado
sawmill project and for working capital.
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. Conifex has expanded its operations to include bioenergy production
following the commencement of commercial operations of its power generation facility at Mackenzie, British Columbia.
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 Conifex expects or anticipates may occur in the future, including
without limitation the use of the proceeds of the Offering. Forward-looking statements reflect the current expectations and
beliefs of the Conifex's management. Because forward-looking statements involve known and unknown risks, uncertainties and other
factors, actual results, performance or achievements of Conifex or industry may be materially different from those implied by
such forward-looking statements. A number of factors could cause actual results to differ materially from the results
discussed in the forward-looking statements, including without limitation those relating to: potential disruptions to production
and delivery, including as a result of equipment failures, labour issues, the complex integration of processes and equipment and
other factors; labour relations; failure to meet regulatory requirements; changes in the market; potential downturns in economic
conditions; fluctuations in the price and supply of required materials, including log costs; fluctuations in the market price for
products sold; foreign exchange fluctuations; trade restrictions or import duties imposed by foreign governments; availability of
financing (as necessary); shipping or logging disruptions; and other risk factors described in Conifex's 2015 annual information
form, annual management's discussion and analysis for the year ended December 31, 2016, the short form prospectus and other
public filings available on SEDAR at www.sedar.com. These risks, as well as
others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon
forward-looking statements and Conifex undertakes no obligation to publicly revise them to reflect subsequent events or
circumstances, except as required by law.