Vancouver, British Columbia--(Newsfile Corp. - November 15, 2013) - Jemi Fibre Corp. (TSXV: JFI) ("Jemi" or the "Company") is pleased to provide an update to its August 7, 2013 announcement regarding the Company's agreement to acquire approximately 5,000 acres of private timberland (the "St. Mary's Lands") in the East Kootenay region of British Columbia. The agreement had been assigned to the Company by a private company related to two of Jemi's directors and officers. The Company's principal reasons for acquiring the St. Mary's Lands was to secure timber for its long term strategy of expanding its current logging operations and acquiring strategic timber manufacturing facilities.
The directors determined that it was best for the Company's capital structure to revert the St. Mary's Lands' assignment agreement back to the assignor but still secure the timber on the property. The Company accomplished this goal by having the assignor acquire the St. Mary's Lands, which completed during the week of November 4, 2013 and securing a contract to log the St. Mary's Lands. The Company has now commenced its logging operations on the St. Mary's Lands.
The Company also today announced that in conjunction with the completion of the Company's reverse takeover transaction with Dual Enterprises Ltd. announced on June 27, 2013, the board of directors granted, on June 26, 2013, a total of 1,845,000 incentive stock options to the directors of the Company, as per the terms of the Company's stock option plan. The options, which are subject to the policies of the TSX Venture Exchange, are exercisable at $0.50 per share, vested upon grant and have a term of five years.
ON BEHALF OF THE BOARD OF DIRECTORS
JEMI FIBRE
CORP.
"Michael Ainsworth"
Michael
Ainsworth
CEO and President
For further information, please contact:
Michael Ainsworth, CEO, President
Tel: 1 604
428-1075
Email: michael.ainsworth@jemifibre.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
