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Enter Symbol
or Name
USA
CA



Western Forest Products Inc
Symbol WEF
Shares Issued 395,447,663
Close 2016-10-21 C$ 2.01
Market Cap C$ 794,849,803
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Western Forest settles tenure dispute, receives $14M

2016-10-21 20:21 ET - News Release

Mr. Stephen Williams reports

WESTERN FOREST PRODUCTS INC. ANNOUNCES SETTLEMENT FOR THE APRIL 2011 TENURE EXTINGUISHMENT IN A PORTION OF TREE FARM LICENCE 44

The Province of British Columbia has agreed to compensate Western Forest Products Inc. in the amount of $14-million for the partial tenure extinguishment from the Maa'nulth First Nations Final Agreement Act that came into effect April 1, 2011. The creation of treaty settlement lands and associated protected area tied to the treaty resulted in the permanent harvesting rights reduction of 104,000 cubic metres in tree farm licence 44. The company intends to use the proceeds of compensation to pay down outstanding debt.

"We are pleased to have reached a settlement that fairly reflects the value of harvesting rights at the time they were extinguished," said Stephen Williams, the company's senior vice-president, chief financial officer and corporate secretary.

About Western Forest Products

Western is an integrated Canadian forest products company and is the largest coastal B.C. woodland operator and lumber producer. The company has an annual available harvest of approximately 6.1 million cubic metres of timber, of which approximately 5.9 million cubic metres are from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from seven sawmills and two remanufacturing plants.

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