Mar 20, 2012. /Lesprom Network/. Mercer International Inc. announced that the Toronto Stock Exchange has conditionally approved the private placement (the "Warrant Placement") of special warrants (the "Warrants") by Fibrek Inc. to Mercer. Pursuant to the Warrant Placement, Mercer agreed to purchase 32,320,000 Warrants at a price of $1.00 per Warrant for total subscription proceeds of $32,320,000. The Warrants are convertible into common shares of Fibrek on a one-for-one basis. Conversion is automatic in certain events and otherwise at the option of Mercer. The Warrants are also redeemable, including by Fibrek, at their subscription price in certain events. The Warrant Placement remains subject to customary conditions. On March 16, 2012, the Quebec Court of Appeal granted AbitibiBowater Inc. leave to appeal the ruling of the Court of Quebec in favour of Mercer and Fibrek given on March 9, 2012, which reversed the previous decision of the Bureau de decision et de revision (Quebec) (the "Bureau") dated February 23, 2012 to cease trade the Warrant Placement. The appeal is currently scheduled to be heard before the Quebec Court of Appeal on March 22, 2012. Mercer International Inc. is a global pulp manufacturing company.