Midway mill purchase delayed

Mona Mattei
By Mona Mattei
January 9th, 2011

Delays in investments have forced deadlines to be extended for the purchase of the Midway sawmill by local investors and the Village of Midway. The open offering of shares for sale to raise the needed cash for the purchase started late and as a result the money needed to close the deal was not in place.   The original deadline for the mill purchase was set for Dec. 31, but with the share offering being released just days prior to that, Boundary Sawmill Inc. asked Fox Lumber Sales Inc. for an extension which they approved. The new closing date for the mill purchase is now Jan. 28.   “In addition, the deadline for the completion of the lease agreement with the proposed operator, Midway SPF, ULC, a subsidiary of Vaagen Brother’s Lumber Inc. of Colville, has been mutually extended to Feb. 28,” explained Midway Mayor Randy Kappes. 

Boundary Sawmill Inc. will be releasing an amendment to the offering memorandum within the next week to potential investors.