Mercer International Inc. announced that it has extended to April 16, 2012, the expiry date for its offer (the "Offer") to acquire all of the issued and outstanding common shares of Fibrek Inc. ("Fibrek"). The extension is intended to allow Mercer to obtain shareholder approval (the "Shareholder Approval") at its meeting of shareholders scheduled for April 10, 2012, for the issuance of its common stock (the "Mercer Shares") in connection with the Offer. Mercer previously entered into voting support agreements with its two largest institutional shareholders and its Chairman and Chief Executive Officer, who collectively own approximately 44% of the outstanding Mercer Shares, who have agreed to vote their Mercer Shares in favor of the Shareholder Approval.

The consideration offered by Mercer under the Offer and the remaining terms thereof remain unchanged. As varied, Mercer's Offer will expire at 11:59 p.m. (Eastern Time) on April 16, 2012, unless otherwise extended or withdrawn by Mercer.

Mercer also announced that it has: (i) received a favorable decision from the federal Minister of Industry following his review of Mercer's proposed acquisition of Fibrek under the Investment Canada Act and (ii) been granted early termination of the statutory waiting period for U.S. competition and antitrust review by the U.S. Federal Trade Commission.

The Offer remains subject to customary conditions, including, among others, there being deposited (and not withdrawn) that number of Fibrek common shares which, together with the Fibrek common shares and special warrants, if any, held by Mercer, represent at least 50.1% of the outstanding Fibrek common shares on a fully-diluted basis, receipt of the Shareholder Approval and the absence of a material adverse change with respect to Fibrek. As at the date hereof, approximately 28 million common shares of Fibrek have been deposited to the Offer.

Full details of the Offer are included in the offer and takeover bid circular dated February 29, 2012 and ancillary documents, as amended by the notice of variation dated March 19, 2012 and the notice of variation and extension dated April 5, 2012, all of which are available on SEDAR at www.sedar.com.