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Fortress Paper to sell Quebec mill site to Nexolia for $15.4 million
Original Publication Date: June 23, 2016 1:21AM
Publication Updated: April 28, 2025 4:07AM
VANCOUVER – Fortress Paper Ltd. (TSX:FTP) 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 acquring the buildings, equipment and property at the mill site in Lebel-Sur-Quevillon, 620 kilometres northwest of Montreal.
The 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
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