Early Warning Report regarding acquisition of shares of Conifex Timber Inc. by Cowan Asset Management Inc.

TORONTO, July 29, 2016 /CNW/ -

Item 1 –	Security and Reporting Issuer
	State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.
	Common shares of Conifex Timber Inc. (TSX:CFF)
	Conifex Timber Inc. (the "Reporting Issuer") 980 – 700 West Georgia Street Vancouver, British Columbia V7Y 1B6
	State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.
	Toronto Stock Exchange
Item 2 –	Identity of the Acquiror
	State the name and address of the acquiror.
	Cowan Asset Management Ltd. (the "Acquiror") 10 King Street E., Suite 401 Toronto, Ontario M5C 1C3
	State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.
	The Acquiror acquired its holdings in the common shares of the Reporting Issuer (the "Securities") in a series of transactions over the past 19 months, including the following transactions (each, a "Reportable Transaction" and collectively, the "Reportable Transactions"):
	Date	Description	Defined term for this report
	30 Oct 2016	Acquiror's securityholding percentage increased above 10% to 10.02%.	First Reportable Transaction
	29 June 2016	Acquiror's securityholding percentage is 12.07%.	Second Reportable Transaction
Item 3 –	Interest in Securities of the Reporting Issuer
	State the designation and number or principal amount of securities acquired or disposed of that triggered the requirement to file the report and the change in the acquiror's securityholding percentage in the class of securities.
	The following table sets out the number of securities acquired as of the date of the First Reportable Transaction and during each period beginning the day after a Reportable Transaction and ending on the date of the immediately subsequent Reportable Transaction between Reportable Transactions (each, a "Reporting Period"), and the change in securityholding percentage from the date of each Reportable Transaction until the end of the immediately subsequent Reporting Period:
		Number of securities acquired	Change in securityholding percentage
	First Reportable Transaction	2,118,500 Securities acquired until the date of the First Reportable Transaction (the "First Reporting Period").	Initial reportable position
	Second Reportable Transaction	433,800 Securities acquired between the day after date of the First Reportable Transaction and the date of the Second Reportable Transaction (the "Second Reporting Period").	2.05%

	State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file the report.
	The Acquiror acquired ownership of Securities in each Reportable Transaction.
	State the designation and number or principal amount of securities and the acquiror's securityholding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.
	The following table sets out the number of Securities held by the Acquiror and the Acquiror's securityholding percentage as of the date of each Reportable Transaction:
	As of date		Number of Securities held	Securityholding percentage
	First Reportable Transaction		2,118,500 Securities	10.02%
	Second Reportable Transaction		2,552,300 Securities	12.07%
	State the designation and number or principal amount of securities and the acquiror's securityholding percentage in the class of securities over which the acquiror, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.
	The Investor has control and direction over the Securities set forth above, but beneficial ownership is held by one or more investment funds and/or managed accounts to which the Investor provides discretionary investment management services.
Item 4 –	Consideration Paid
	State the value, in Canadian dollars, of any consideration paid or received per security and in total.
	The following table sets out the average price per Security, and the total consideration paid for all Securities acquired, during each Reporting Period:
	Reporting Period		Average price per Security	Total consideration for all Securities acquired
	First Reporting Period		CAD$5.33	CAD$11,290,761
	Second Reporting Period		CAD$2.57	CAD$1,116,026
Item 5 –	Purpose of the Transaction
	The Securities are being held for investment purposes only and not for the purpose of exercising control or direction over the Reporting Issuer.  The acquisitions were made in the ordinary course of the Acquiror's business or investment activities.  The Acquiror has no current plan or proposal which relates to, or would result in acquiring additional ownership or control over the securities of the Reporting Issuer, other than in the ordinary course of business of the Acquiror.  The Acquiror may or may not purchase or sell securities of the Reporting Issuer in the future on the open market or in private transactions, depending on market conditions and other factors material to the Acquiror's investment decision.

SOURCE Cowan Asset Management Ltd.

COWAN ASSET MANAGEMENT LTD., Tel: [phone], [email protected]