GreenFirst Forest Products Inc. (OTCPK:ICLTF) Q4 2024 Earnings Conference Call March 17, 2025 9:00 AM ET
Company Participants
Joel Fournier – CEO
Peter Ferrante – CFO
Michel Lessard – President
Operator
Good morning, ladies and gentlemen. And welcome to the GreenFirst Fourth Quarter and Year-End 2024 Earnings Conference Call. All lines are in a listen only mode. Following the presentation, we will conduct a question-and-answer session [Operator Instructions]. This call is being recorded on Monday, March 17, 2025.
I would now like to turn the conference over to Joel Fournier, CEO. Please go ahead.
Joel Fournier
Thank you very much, Joanna. And good morning, everyone. And welcome to our Q4 2024 earnings call. I’m Joel Fournier, the Chief Executive Officer of GreenFirst Forest Products. And today I’m joined by Peter Ferrante, our CFO; and Michel Lessard, our President. Overall, much of the work started earlier in the year came to fruition during Q4. In fact, during the quarter, GreenFirst significantly improved its debt position and strengthened its balance sheet. Many of the initiatives launched in previous quarter materialized in Q4. In Q4, we completed a right offering, backstopped by Ravenwood, Bob Robotti, a value investor, raising over $25 million. We also sold our 2021 and 2022 duties for CAD24 million and we also sold the Kenora lands for another $5 million. So in total, we generated approximately $55 million in cash during the quarter, positioning ourselves for future growth. By the end of the quarter, we also had no drawdown on the ABL and we held $27 million in cash on our balance sheet. So all of those things are a significant accomplishment from previous quarter. With the capital raised in Q4 and despite a readiness to execute our $50 million strategic plan, the company will pause selected aspects of the plan while we monitor and better understand the potential impact of the US tariff.
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