VANCOUVER, BC -- Conifex Timber Inc. today announced that, subject to applicable regulatory approval, it granted stock options to acquire an aggregate of up to 100,000 common shares to a director and officer of the Company under the Company's stock option plan. The Options are exercisable for a ten year period at an exercise price of $8.25 per common share and are subject to vesting restrictions of one-third on the grant date and one-third on each of the three and five year anniversaries of the grant date.
About Conifex Timber Inc.
Conifex is an independent British Columbia company formed for the purpose of investing in the forest industry in the interior region of British Columbia and elsewhere in Canada. Conifex and its subsidiaries' primary business includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing. Conifex's lumber products are sold in the United States, Chinese, Canadian and Japanese markets.
Conifex's sawmill situated in Fort St. James, British Columbia was purchased in August 2008 and commenced operations on a one-shift basis in March 2009. At this mill, Conifex intends to move to a two-shift operation in the first half of 2011 upon the completion of a capital expenditure program. Conifex's sawmills situated in Mackenzie, British Columbia were purchased in June 2010. On a combined basis, Conifex now owns sawmills having an annual lumber production capacity of approximately 745 million board feet on a two-shift basis, all supported by renewable forestry licences with an allowable annual cut of approximately 1.6 million cubic metres.
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