DGAP-News: FORTRESS PAPER ANNOUNCES $40.9 MILLION CLOSING OF BOUGHT DEAL OFFERING
(firmenpresse) - Fortress Paper Ltd. / Capital Increase
19.07.2010 11:10
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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FORTRESS PAPER ANNOUNCES $40.9 MILLION CLOSING OF BOUGHT DEAL OFFERING
VANCOUVER, British Columbia, July 7, 2010 - Fortress Paper Ltd. ('Fortress
Paper' or the 'Company') (TSX:FTP) is pleased to announce that it has
completed its previously announced bought deal offering (the 'Offering') of
1,739,000 common shares of the Company (the 'Offered Shares') at a price of
$23.50 per Offered Share for gross proceeds of $40,866,500. The Offering
was conducted by way of a short form prospectus dated June 22, 2010 through
a syndicate of underwriters led by Dundee
Securities Corporation and included Jennings Capital Inc., Raymond James
Ltd. and TD Securities Inc.
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 its rebuild of papermachine number 1 at its
Landqart Mill in Switzerland, and for working capital.
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. This press release does not
constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States.
About Fortress Paper
Fortress Paper is a leading international producer of security and other
specialty papers and products. Fortress operates three mills, the Landqart
Mill located in Switzerland, the Dresden Mill located in Germany and the
Fortress Specialty Cellulose Mill located in Quebec, Canada. Fortress
Paper's security papers include banknote, passport and visa papers and its
specialty papers include non-woven wallpaper base products, and graphic and
technical papers. Fortress Paper's pulp business includes NBHK 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.
FOR FUTHER INFORMATION PLEASE CONTACT:
Fortress Paper Ltd.
Chadwick Wasilenkoff
604-904-2328
info(at)fortresspaper.com
www.fortresspaper.com
This press release contains certain forward-looking statements that reflect
the current views and/or expectations of Fortress Paper with respect to its
performance, business and future events, including statements regarding
Fortress Paper's intended use of proceeds raised from the public offering
of its common shares. Forward-looking statements
are based on the then-current expectations, beliefs, assumptions, estimates
and forecasts about the business and the industry and markets in which the
Corporation operates. Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties and assumptions which
are difficult to predict. Investors are cautioned
that all forward-looking statements involve risks and uncertainties
including, without limitation, risks relating to changes in the market,
potential downturns in economic conditions, fluctuations in the price and
supply of raw materials, foreign exchange fluctuations, labour relations,
regulatory requirements, reputation, competition, dependence on major
customers, and other risk factors listed from time to time in the
Corporation's public filings. These risks, as well as others, could cause
actual results and events to vary significantly. Accordingly, readers
should not place undue reliance on forward-looking statements and
information, which are qualified in their entirety by this cautionary
statement. Fortress Paper does not undertake any obligations to release
publicly any revisions for updating any voluntary forward-looking
statements, except as required by applicable securities law.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES.
19.07.2010 11:10 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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