Itasca Capital Ltd. announces that one of its investee companies, 1347 Investors LLChas agreed to acquire, for consideration of $11.5 million in cash, a sawmill and related assets located in Kenora, Ontario from the court-appointed receiver of a resource-based vendor. In connection with the Acquisition, Itasca intends to complete a non-brokered private placement financing and add Paul Rivett and Rick Doman to its board of directors.
The acquisition, which has been approved by a court vesting order of the Manitoba Court of Queen's Bench granted on September 9, 2020 , is expected to close on or about October 5, 2020 . The company also intends to change its name to "GreenFirst Forest Products Inc." following closing. The proposed name change is subject to shareholder and TSXV approval.