VANCOUVER, British Columbia (News release) -- Conifex Timber Inc. announced that it has closed its previously announced transaction with an affiliate of Resolute Forest Products Inc. for the sale of its US sawmill business, consisting of its El Dorado, Cross City and Glenwood sawmills and related operations. The purchase price was US$163 million, plus working capital, which is estimated at US$13 million, for total consideration of US$176 million.

Conifex's lumber segment credit facility was repaid in full on closing. The balance of the proceeds from the sale are planned to be used for working capital and general corporate purposes.