Cathay Forest Products plans C$5 million private placement of shares

By Laura Lutz

Washington, Nov. 27 - Cathay Forest Products Corp. arranged a private placement of common shares for C$5 million.

Jennings Capital Inc. will act as agent for the deal.

Proceeds will be used to acquire additional standing timber plantations, to advance the company's Jiangsu Riverbank program, to begin its Heilongjiang North Eastern project and for general corporate purposes.

The shares will be issued to accredited investors in Ontario, Alberta, British Columbia and elsewhere.

The price and number of shares were not announced.

Cathay is a timber company based in Richmond Hill, Ont.

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