Fortress Paper Ltd. announced that, pursuant to its normal course issuer bid announced January 4, 2016 (the "NCIB"), it has purchased for cancellation an aggregate $4,025,000 principal amount of its 6.5% convertible unsecured subordinated debentures due on December 31, 2016 (the "6.5% Debentures"), which represents the maximum amount permitted to be purchased pursuant to the NCIB, at an average cost of 97.1 per 6.5% Debenture.

Fortress Paper completes purchases under normal course issuer bid

Fortress Paper Ltd. announced that, pursuant to its normal course issuer bid announced January 4, 2016 (the "NCIB"), it has purchased for cancellation an aggregate $4,025,000 principal amount of its 6.5% convertible unsecured subordinated debentures due on December 31, 2016 (the "6.5% Debentures"), which represents the maximum amount permitted to be purchased pursuant to the NCIB, at an average cost of 97.1 per 6.5% Debenture.

The Company has also purchased for cancellation an aggregate $6.9 million principal amount of its 7% convertible unsecured subordinated debentures due on December 31, 2019 (the "7% Debentures"), which represents the maximum amount permitted to be purchased pursuant to the NCIB, at an average cost of 76 per 7% Debenture.

The Company relied on the block purchase exemption for certain of its purchases under the NCIB. Following completion of such purchases and cancellation, $36,225,000 principal amount of 6.5% Debentures and $62.1 million principal amount of 7% Debentures remain issued and outstanding.

Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products.