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

TORONTO, Dec. 2, 2016 /CNW/ - 

State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended.
This is an amended and restated report which amends information in an earlier report filed on July 29, 2016. As of the date of this report, the Acquiror (defined below) holds 2,552,300 common shares of the Reporting Issuer (defined below), representing a securityholding percentage of 12.07%.
Item 1 – Security and Reporting Issuer
1.1	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
1.2	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
2.1	State the name and address of the acquiror.
	Cowan Asset Management Ltd. (the "Acquiror") 10 King Street E., Suite 401 Toronto, Ontario M5C 1C3
2.2	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 19 months, including the following transactions (each, a "Reportable Transaction" and collectively, the "Reportable Transactions"):
	Date	Description	Defined term for this report
	30 Oct 2015	Acquiror's securityholding percentage increased above 10% to 10.02%.	First Reportable Transaction
	29 June 2016	Acquiror's securityholding percentage increased by over 2% to 12.07%.	Second Reportable Transaction
2.3	State the names of any joint actors.
	Princeton Holdings Limited ("Princeton") 705 Fountain Street N. PO Box 1510 Cambridge, Ontario N1R 5T2
	See Item 3.4 for a description of the relationship between the Acquiror and Princeton.
Item 3 – Interest in Securities of the Reporting Issuer
3.1	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%
	Details of each transaction in Securities conducted by the Acquiror for the account of Princeton and for the accounts of its other investment management clients from the date of the First Reportable Transaction to the date of this report are attached as Schedule A.
3.2	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 control and direction over Securities in each Reportable Transaction.
3.3	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%
3.4	State the designation and number or principal amount of securities and the acquiror's securityholding percentage in the class of securities referred to in Item 3.3 over which the acquiror, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.
	The Acquiror has control and direction over the Securities set forth in Item 3.3 above. Beneficial ownership of 2,269,300 Securities is held by Princeton, a discretionary investment management client of Cowan. The Acquiror is a wholly-owned subsidiary of Princeton, and therefore the Acquiror and Princeton are deemed to be joint actors.
Item 4 – Consideration Paid
4.1	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.

SCHEDULE A

Security Designation	Date of Transaction	Nature of Transaction	Number of Securities Acquired/(Disposed)	Value of Securities Acquired/(Disposed)	Unit/Exercise Price	Present Balance	Ownership Type	Registered Holder
Common shares	10/30/2015	Public market acquisition	75,000	225,248	3.00	2,118,500	Control or direction	Princeton Holdings
Common shares	11/2/2015	Public market acquisition	11,500	33,230	2.89	2,130,000	Control or direction	Princeton Holdings
Common shares	11/9/2015	Public market acquisition	5,000	14,438	2.89	2,135,000	Control or direction	Princeton Holdings
Common shares	11/10/2015	Public market acquisition	30,000	83,625	2.79	2,165,000	Control or direction	Princeton Holdings
Common shares	11/11/2015	Public market acquisition	10,200	26,106	2.56	2,175,200	Control or direction	Princeton Holdings
Common shares	11/12/2015	Public market acquisition	10,000	27,113	2.71	2,185,200	Control or direction	Princeton Holdings
Common shares	11/13/2015	Public market acquisition	10,000	26,631	2.66	2,195,200	Control or direction	Princeton Holdings
Common shares	11/16/2015	Public market acquisition	2,500	6,566	2.63	2,197,700	Control or direction	Princeton Holdings
Common shares	11/18/2015	Public market acquisition	6,000	15,327	2.55	2,203,700	Control or direction	Princeton Holdings
Common shares	11/20/2015	Public market acquisition	2,500	6,299	2.52	2,206,200	Control or direction	Princeton Holdings
Common shares	12/1/2015	Public market acquisition	38,400	88,301	2.30	2,244,600	Control or direction	Princeton Holdings
Common shares	1/6/2016	Public market acquisition	5,000	10,751	2.15	2,249,600	Control or direction	Pooled Fund A
Common shares	1/7/2016	Public market acquisition	5,000	10,363	2.07	2,254,600	Control or direction	Pooled Fund A
Common shares	1/8/2016	Public market acquisition	2,000	4,210	2.11	2,256,600	Control or direction	Pooled Fund A
Common shares	1/11/2016	Public market acquisition	12,500	25,551	2.04	2,269,100	Control or direction	Princeton Holdings
Common shares	1/15/2016	Public market acquisition	10,400	18,140	1.74	2,279,500	Control or direction	Princeton Holdings
Common shares	1/20/2016	Public market acquisition	5,000	9,098	1.82	2,284,500	Control or direction	Princeton Holdings
Common shares	1/25/2016	Public market acquisition	10,000	18,527	1.85	2,294,500	Control or direction	Princeton Holdings
Common shares	1/26/2016	Public market acquisition	3,500	6,910	1.97	2,298,000	Control or direction	Princeton Holdings
Common shares	1/27/2016	Public market acquisition	2,500	5,047	2.02	2,300,500	Control or direction	Princeton Holdings
Common shares	1/28/2016	Public market acquisition	2,500	5,025	2.01	2,303,000	Control or direction	Princeton Holdings
Common shares	2/1/2016	Public market acquisition	7,500	15,021	2.00	2,310,500	Control or direction	Princeton Holdings
Common shares	2/2/2016	Public market acquisition	1,500	3,030	2.02	2,312,000	Control or direction	Princeton Holdings
Common shares	2/19/2016	Public market acquisition	2,500	5,096	2.04	2,314,500	Control or direction	Princeton Holdings
Common shares	2/22/2016	Public market acquisition	6,000	12,491	2.08	2,320,500	Control or direction	Pooled Fund A
Common shares	2/23/2016	Public market acquisition	5,000	10,794	2.16	2,325,500	Control or direction	Pooled Fund A
Common shares	2/24/2016	Public market acquisition	20,000	43,798	2.19	2,345,500	Control or direction	Princeton Holdings
Common shares	2/29/2016	Public market acquisition	2,500	5,863	2.35	2,348,000	Control or direction	Princeton Holdings
Common shares	3/2/2016	Public market acquisition	7,500	17,817	2.38	2,355,500	Control or direction	Princeton Holdings
Common shares	3/3/2016	Public market acquisition	20,000	46,570	2.33	2,375,500	Control or direction	Princeton Holdings
Common shares	3/14/2016	Public market acquisition	2,000	4,420	2.21	2,377,500	Control or direction	Pooled Fund A
Common shares	3/15/2016	Public market acquisition	10,000	22,715	2.27	2,387,500	Control or direction	Princeton Holdings
Common shares	3/29/2016	Public market acquisition	3,300	7,458	2.26	2,390,800	Control or direction	Pooled Fund A
Common shares	4/1/2016	Public market acquisition	7,500	17,090	2.28	2,398,300	Control or direction	Princeton Holdings
Common shares	4/1/2016	Public market acquisition	6,700	15,276	2.28	2,405,000	Control or direction	Pooled Fund A
Common shares	4/7/2016	Public market acquisition	5,000	10,512	2.10	2,410,000	Control or direction	Pooled Fund A
Common shares	4/8/2016	Public market acquisition	5,000	10,588	2.12	2,415,000	Control or direction	Pooled Fund A
Common shares	4/13/2016	Public market acquisition	5,000	10,746	2.15	2,420,000	Control or direction	Pooled Fund A
Common shares	4/14/2016	Public market acquisition	25,000	57,750	2.31	2,445,000	Control or direction	Pooled Fund A
Common shares	4/18/2016	Public market acquisition	2,500	6,000	2.40	2,447,500	Control or direction	Pooled Fund A
Common shares	5/3/2016	Public market acquisition	5,000	14,299	2.86	2,452,500	Control or direction	Princeton Holdings
Common shares	5/16/2016	Public market acquisition	7,500	22,336	2.98	2,460,000	Control or direction	Princeton Holdings
Common shares	5/17/2016	Public market acquisition	1,800	5,506	3.06	2,461,800	Control or direction	Princeton Holdings
Common shares	6/8/2016	Public market acquisition	10,000	33,092	3.31	2,471,800	Control or direction	Pension A
Common shares	6/9/2016	Public market acquisition	5,000	17,149	3.43	2,476,800	Control or direction	Pension A
Common shares	6/10/2016	Public market acquisition	2,500	8,575	3.43	2,479,300	Control or direction	Pension A
Common shares	6/16/2016	Public market acquisition	5,000	17,462	3.49	2,484,300	Control or direction	Pension A
Common shares	6/17/2016	Public market acquisition	17,000	56,863	3.34	2,501,300	Control or direction	Pension A
Common shares	6/20/2016	Public market acquisition	5,000	17,457	3.49	2,506,300	Control or direction	Pension A
Common shares	6/21/2016	Public market acquisition	7,500	25,556	3.41	2,513,800	Control or direction	Pension A
Common shares	6/22/2016	Public market acquisition	3,500	12,387	3.54	2,517,300	Control or direction	Pension A
Common shares	6/23/2016	Public market acquisition	5,000	17,637	3.53	2,522,300	Control or direction	Pension A
Common shares	6/24/2016	Public market acquisition	7,500	26,107	3.48	2,529,800	Control or direction	Pension A
Common shares	6/24/2016	Public market acquisition	5,000	17,220	3.44	2,534,800	Control or direction	Pension A
Common shares	6/27/2016	Public market acquisition	2,500	8,659	3.46	2,537,300	Control or direction	Pension A
Common shares	6/29/2016	Public market acquisition	15,000	51,428	3.43	2,552,300	Control or direction	Princeton Holdings

SOURCE Cowan Asset Management Ltd.

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