08:31 AM EDT, 10/07/2024 (MT Newswires) -- GreenFirst Forest Products Inc. ( ICLTF ) on Monday announced that a prior Determination Date of September 27, 2024 has been extended to the close of business on October 11, 2024 and as such the Share Capital Amendments dated September 27, 2024, will not be effective on October 7, 2024.

GreenFirst also announced that it is now proceeding concurrently with a substantive consolidation of its outstanding common shares on the basis of one post-consolidation common share for each 10 pre-consolidation common shares. It said the substantive consolidation will be completed concurrently with the share capital amendments described on September 27, 2024.

As a result, shareholders who hold less than 1,000 common shares as of the Determination Date will be entitled to cash consideration equal to that number of pre-consolidation common shares held by the holder multiplied by $0.74, the close price of the pre-consolidation common chares on the TSX, September 26, 2024.

Shareholders who hold 1,000 or more common shares will hold the number of post-consolidation common shares equal to the number of common shares held divided by the consolidation ratio of 10. If, as a result of the substantive consolidation, a shareholder is entitled to a fractional common share, such fractional common share that is less than 0.5 of one post-consolidation common share will be cancelled and each fractional common share that is at least 0.5 of one post-consolidation common share will be rounded up to one whole post-consolidation common share.

The company said it will provide a further update on the date on which the common shares are expected to begin trading on a post-consolidation later this week.