Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
My Profile
Fortress Paper Ltd.

Vancouver, British Columbia, Canada, 22 December 2011 -- Fortress Paper Ltd. (TSX:FTP) has completed its previously announced bought deal offering of 6.50% convertible unsecured subordinated debentures, including the exercise in full of the underwriters' over-allotment option, resulting in aggregate gross proceeds of CAD 40,250,000.

The offering was conducted by way of a short form prospectus dated 19 December 2011, through a syndicate of underwriters led by Raymond James Ltd. and included Canaccord Genuity Corp., Dundee Securities Ltd., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Cormark Securities Inc., and Acumen Capital Finance Partners Limited, who purchased a total of 40,250 debentures at a price of CAD 1000 per debenture.

Fortress Paper intends to use the net proceeds of the offering to reduce outstanding indebtedness, to fund costs arising from its Fortress specialty cellulose project, and for working capital and general corporate purposes.

Fortress Paper operates internationally in three distinct business segments: dissolving pulp, specialty papers, and security paper products. The company operates its dissolving pulp business at the Fortress specialty cellulose mill in Canada, where it has recently commenced production of dissolving pulp after successfully completing the conversion of the mill from a northern bleached hardwood kraft pulp to a dissolving pulp operation. The Fortress specialty cellulose mill also is in the process of expanding into the renewable energy generation sector with the construction of a cogeneration facility. The company operates its specialty papers business at the Dresden mill located in Germany, where it is a leading international producer of specialty nonwoven wallpaper base products. The company operates its security paper products business at the Landqart mill located in Switzerland, where it produces banknote, passport, visa, and other brand protection and security papers, and at its Fortress optical facility located in Canada, where it manufacturers optically variable thin film material.


Related Articles:

Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: