Fortress Paper to sell Quebec mill site to Nexolia for 154 million

Posted On Oct 8 2019 by

VANCOUVER — Fortress Paper Ltd. has agreed to sell the assets of an idled pulp mill and saw mill in Quebec for $15.4 million.The buyers are subsidiaries of Nexolia Bioenergy Inc., a private company focused on investing in natural resources, renewable energy and other projects.Nexolia will be acquiring the buildings, equipment and property at the mill site in Lebel-Sur-Quevillon, 620 kilometres northwest of Montreal.Fortress Paper stock bounce caused by more than turmoil in Greece, analyst saysThe transaction is expected to close by July 8.Vancouver-based Fortress says the sale of the LSQ Mill will release the company from a number of future obligations.Fortress says the buyer will assume responsibility for paying property taxes. Fortress will also assign a $7-million secured note it receives to Investissement Quebec. read more