Jemi Fibre Corp. (TSXV: JFI) ("Jemi Fibre" or the "Company") is pleased to announce that it has completed the first of two timberlands acquisitions from Tembec Inc. ("Tembec"), previously announced on April 25, 2014.
The Company has closed on the acquisition of approximately 17,700 hectares, and timber rights for an additional approximately 1,900 hectares, for a purchase price of $15 million. The timberlands are located in the Regional District of East Kootenay, British Columbia and are the first phase of a two phase purchase of timberlands from Tembec. The second phase is for approximately 31,800 hectares, which the Company anticipates closing in September 2014 for a purchase price of $20 million. The closing of the second phase is subject to the Company obtaining adequate financing and other customary conditions. There can be no assurance that the second phase will be consummated in whole or in part.
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