08:17 AM EST, 12/20/2024 (MT Newswires) -- GreenFirst Forest Products ( ICLTF ) on Friday said it extended its asset-based lending facility with Bank of Montreal.

The extension provides for a senior secured facility of $60 million combined with an accordion feature for an additional $65 million. This gives the company enhanced liquidity and financial flexibility to support its growth and strategic initiatives through September 2028, GreenFirst said.

"We are excited about this extension of our asset-based lending facility, which provides us with the financial flexibility to pursue our recently announced $50 million strategic expenditures plan," said GreenFirst Chief Executive Joel Fournier. "As of the end of Q3 2024, $27 million was drawn on the facility."

Shares of the company closed down $0.13, or 2%, to $5.6 on Thursday on the Toronto Stock Exchange.