Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
My Profile
Sino-Forest Announces Closing of Strategic Placement
Toronto, Ontario, Canada, 10 April 2007 -- /PRNewswire/ -- Sino-Forest Corporation (TSX:TRE and TRE.S), a leading commercial forestry plantation operator in China, is pleased to announce that the nonbrokered strategic placement previously announced on 23 March 2007, has been completed, subject only to the receipt of funds which are currently in the process of being transmitted to Sino-Forest.

The strategic placement consisted of the sale of approximately 25.4 million common shares at CAD 9.15 per share to several institutional investors including Temasek Holdings, raising gross proceeds of USD 200 million.

The proceeds will be used for the acquisition of standing timber, including pursuant to the Yunnan agreement previously described in the press release dated 23 March 2007, construction or acquisition of related processing facilities in the regions, and for working capital.

About Sino-Forest Corporation

Sino-Forest Corporation, a Canadian company, is a leading commercial forestry plantations operator in China. The company started its operations in 1994 and is the first foreign and privately managed operator involved in forest products in China. Its principal businesses include the ownership and management of forestry plantation trees and sales of standing timber, wood chips and logs, and complementary manufacturing of downstream engineered-wood products. The corporation's common shares trade on the Toronto Stock Exchange under the symbol TRE since 1995.

Source: Sino-Forest Corporation


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: