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Early Warning Press Release

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VANCOUVER, BC, July 28, 2021 /CNW/ - On July 26, 2021 Larry G. Swets, Timber Country Investment Corporation (Timber Country) and Rivett Capital Syndicate Inc. (Rivett Capital and, together with Larry G. Swets and Timber Country, the Acquirors) transferred rights (each a Right) issued by GreenFirst Forest Products Inc. (the Corporation) pursuant to the Corporation's rights offering (the Rights Offering) to Senvest Management, LLC (including its related parties, Senvest) in accordance with the terms of the Rights Offering whereby Senvest agreed to act as the standby purchaser for the Rights Offering. As standby purchaser, Senvest agreed to acquire a minimum of 41,846,667 Subscription Receipts (as defined below) (the Minimum Purchase) and certain directors and officers of the Corporation, including the Acquirors, committed to transfer a portion of their Rights to Senvest for no consideration. The transfer of Rights by the Acquirors to Senvest was completed to ensure that Senvest would be able to acquire the Minimum Purchase. Each Right is exercisable for one subscription receipt of the Corporation (each, a Subscription Receipt). The Acquirors disposed of ownership and control of the Rights and received no consideration for the Rights transferred to Senvest. The Acquirors also sold Rights through the facilities of the TSX Venture Exchange (the TSXV). Prior to and following the sale of Rights and the transfer of the Rights to Senvest, 37,221,959 common shares in the capital of the Corporation (each, a Common Share) were issued and outstanding.

On July 26, 2021, Larry G. Swets (306 N Maple St, Itasca, Illinois 60143) transferred ownership and control over 11,109,007 Rights to Senvest to ensure that Senvest would be able to acquire the Minimum Purchase. Prior to the transfer of the Rights to Senvest, Larry G. Swets beneficially owned or controlled 4,409,947 Common Shares (representing approximately 11.85% of the outstanding Common Shares) and 13,229,841 Rights (representing approximately 34.96% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Rights held by Larry G. Swets). Following the transfer of the Rights to Senvest, Larry G. Swets beneficially owned or controlled 4,409,947 Common Shares (representing approximately 11.85% of the outstanding Common Shares) and 2,120,834 Rights (representing approximately 16.60% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Rights held by Larry G. Swets).

Between July 21, 2021 and July 23, 2021, Timber Country (3000, 700 – 9th Avenue SW, Calgary, Alberta T2P 3V4) sold 4,439,171 Rights through the facilities of the TSXV at an average price of $0.119 for aggregate consideration of approximately $529,000. On July 26, 2021, Timber Country transferred ownership and control over 15,368,830 Rights to Senvest to ensure that Senvest would be able to acquire the Minimum Purchase. Prior to the sale of Rights and the transfer of the Rights to Senvest, Timber Country beneficially owned or controlled 6,602,667 Common Shares (representing approximately 17.74% of the outstanding Common Shares), 19,808,001 Rights and 3,397,333 common share purchase warrants (Warrants) (representing approximately 49.33% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Rights and Warrants held by Timber Country). Following the sale of Rights and the transfer of the Rights to Senvest, Timber Country beneficially owned or controlled 6,602,667 Common Shares (representing approximately 17.74% of the outstanding Common Shares), nil Rights and 3,397,333 Warrants (representing approximately 24.62% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Rights and Warrants held by Timber Country).

For the period ended July 26, 2021, Rivett Capital (1 Yonge Street, 4th Floor, Toronto, Ontario M5G 1E6) sold 1,439,170 Rights through the facilities of the TSXV at an average price of $0.2016 for aggregate consideration of approximately $290,000. On July 26, 2021, Rivett Capital transferred ownership and control over 15,368,830 Rights to Senvest to ensure that Senvest would be able to acquire the Minimum Purchase. Prior to the sale of Rights and the transfer of the Rights to Senvest, Rivett Capital beneficially owned or controlled 5,602,667 Common Shares (representing approximately 15.05% of the outstanding Common Shares), 16,808,000 Rights and 2,397,333 Warrants (representing approximately 43.96% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Rights and Warrants held by Rivett Capital). Following the sale of Rights and transfer of the Rights to Senvest, Rivett Capital beneficially owned or controlled 5,602,667 Common Shares (representing approximately 15.05% of the outstanding Common Shares), nil Rights and 2,397,333 Warrants (representing approximately 20.19% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Warrants held by Rivett Capital).

The Rights were sold through the facilities of the TSXV for portfolio rebalancing purposes. The Rights were transferred to Senvest by the Acquirors to ensure that Senvest could acquire the Minimum Purchase. The remaining securities held by the Acquirors are held for investment purposes, and in the future, the Acquirors may discuss with management and/or the board of directors of the Corporation any of the transactions listed in clauses (a) to (k) of item 5 of Form F1 of National Instrument 62-103 – The Early Warning System and Related Take-over Bid and Insider Reporting Issues and may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of the Corporation, in such manner as deemed advisable to benefit from changes in market prices of the Corporation's securities, publicly disclosed changes in the operations of the Corporation, its business strategy or prospects or from a material transaction of the Corporation.

Early warning reports will be filed by each Acquiror in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or may be obtained directly from the Corporation upon request at 847-791-6817 (Attention: Michael Liggett) or mailing the Corporation at its head office: 1800 – 510 West Georgia Street, Vancouver, British Columbia, V6B 0M3.

SOURCE GreenFirst Forest Products Inc.

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View original content: http://www.newswire.ca/en/releases/archive/July2021/28/c7822.html

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