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Management Side
Fortress Paper
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Vancouver, British Columbia, Canada, 10 February 2011 -- (Marketwire) -- Fortress Paper Ltd. (TSX:FTP) has completed its previously announced bought deal offering, including the exercise in full of the underwriters' over-allotment option, resulting in aggregate gross proceeds of CAD 57,548,587.

The Offering was conducted by way of a short form prospectus dated 03 February 2011, through a syndicate of underwriters led by Raymond James Ltd. and including Dundee Securities Corporation, RBC Dominion Securities Inc., Cormark Securities Inc., TD Securities Inc., and Acumen Capital Finance Partners Limited, who purchased a total of 1,112,050 common shares of the company at a price of CAD 51.75 per share.

Fortress Paper intends to use the net proceeds of the offering to finance certain capital expenditures relating to its Fortress specialty cellulose mill in Thurso, Quebec, and the construction of a high security facility adjacent to the Fortress specialty cellulose mill, which will house the company's optical security material equipment recently acquired from the Bank of Canada, and for working capital and general corporate purposes.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.

Fortress Paper is a leading international producer of security and other specialty papers and products. Fortress Paper operates three mills, the Landqart mill in Switzerland, the Dresden mill in Germany, and the Fortress specialty cellulose mill in Quebec, Canada. Fortress Paper's security papers include banknote, high security, passport, and visa papers, and its specialty papers include nonwoven wallpaper base products. Fortress Paper's pulp business includes northern bleached hardwood kraft produced at the Fortress specialty cellulose mill, with plans to convert this capacity into dissolving pulp production along with the construction of a biomass-based cogeneration plant.

 

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