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Conifex Announces Senior Secured Financing

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Conifex Timber Inc. ("Conifex" or the "Company") (TSX VENTURE:CFF) announced today that its wholly-owned subsidiary, Conifex Power Limited Partnership ("CP Partnership"), has entered into a senior secured financing agreement (the "Financing") with Vertex One Asset Management Inc. ("Vertex") under the terms of which, subject to certain conditions and regulatory approvals, CP Partnership will issue to Vertex promissory notes (the "Notes") in the aggregate principal amount of $5 million. The Notes have a term of one year and bear interest at a rate of 12% per annum. CP Partnership may redeem the Notes, in whole or in part, at any time on or after four months from the issue date of the Notes upon 15 days' notice and payment of interest accrued on the amount redeemed to the date of redemption, but otherwise at par.

As additional consideration for the Financing, the Company will issue to Vertex at the time of funding non-transferrable common share purchase warrants (the "Warrants") to purchase up to an aggregate of 160,417 common shares of the unissued capital stock of the Company at a price of $9.50 per share for a period of three years following issuance. Any common shares issuable upon exercise of the Warrants will be subject to a hold period expiring four months and one day following the closing.

CP Partnership intends to use the net proceeds from the Notes primarily to partially fund CP Partnership's power project at Mackenzie, British Columbia. On completion of further planned engineering work over the next few months, Conifex expects to enter into discussions with various potential lenders with respect to long-term financing for the project.

Ken Shields, Chief Executive Officer of Conifex, commented: "This financing is a first step towards our objective of obtaining credit facilities to fund activity in our bioenergy segment. We are also working to secure conventional credit facilities to fund inventories and receivables in our lumber segment, following which we plan to repay our $12 million of 12% notes due at the end of 2013."

Release of Fourth Quarter 2012 Financial Results and Conference Call

The Company also announced today that it will release its fourth quarter 2012 financial results after markets close on Friday, February 22, 2013.

Conifex will host a conference call to discuss its fourth quarter 2012 financial and operating results on Monday, February 25, 2013 at 8:00 a.m. Pacific Time / 11:00 a.m. Eastern Time. To participate in the call, please dial: 416-340-2216 / 866-226-1792. The call will be available on instant replay access until March 11, 2013 by dialling 905-694-9451 or 800-408-3053 and entering participant pass code 1851950.

About Conifex Timber Inc.

Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution. Conifex's lumber products are sold in the United States, Chinese, Canadian and Japanese markets. Upon completion of its bioenergy facility at Mackenzie, British Columbia, Conifex's business sectors will be expanded to include bioenergy.

Forward-Looking Statements

Certain statements in this news release may constitute "forward-looking statements", including statements with respect to the Financing described herein and project financing for the power project. Forward-looking statements are statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of the Company's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of the Company or industry may be materially different from those implied by such forward-looking statements. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including the ability to obtain all necessary regulatory approvals, negotiate definitive documentation with respect to the Financing and successfully identify satisfactory financing with respect to the power project, as well as those matters described in the Company's 2012 annual management's discussion and analysis, available on SEDAR at Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Conifex Timber Inc.
Yuri Lewis
Chief Financial Officer
(778) 331-8687

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