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Horizon North Logistics Inc. Enters into $50 Million Bought Deal Public Offering of Common Shares

by ahnationtalk on June 6, 2018183 Views

Calgary, Alberta (June 5, 2018) – Horizon North Logistics Inc. (“Horizon North” or the “Corporation”) (TSX:HNL.TO) announces that it has entered into a bought-deal financing with a syndicate of underwriters led by National Bank Financial Inc. Horizon North will issue 17,857,200 common shares (“Common Shares”) at a price of $2.80 per Common Share for gross proceeds of approximately $50 million (the “Offering”). The Underwriters have also been granted an option to purchase up to an additional 15% of the Common Shares issued under this Offering at a price of $2.80 per Common Share to cover over-allotments exercisable in whole or in part at any time until 30 days after closing for further gross proceeds of $7.5 million which would increase the Offering to approximately $57.5 million if fully exercised.

The net proceeds received by Horizon North from the Offering will be used to initially reduce the Corporation’s committed credit facility balances which will then be available to fund Horizon North’s ongoing capital spending program and for general corporate purposes.

The Offering will be completed by way of short form prospectus in all provinces of Canada, except Quebec and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”). The Offering is subject to customary conditions including receipt of applicable regulatory approvals, including the approval of the Toronto Stock Exchange, and is expected to close on or about June 25, 2018.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

About Horizon North

Horizon North is a publicly listed corporation (TSX:HNL.TO) providing a full range of industrial, commercial, and residential products and services. Our Industrial Services division supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. Our Modular Construction division integrates modern design concepts and technology with state of the art, off-site manufacturing processes; producing high quality building solutions for commercial and residential offerings including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers in numerous sectors, anywhere in Canada.

Corporate Information

Additional information related to Horizon North, including the Corporation’s annual information form, press releases, financial statements and MD&A are available on SEDAR at

For further information, please contact Rod Graham, President and Chief Executive Officer or Scott Matson, Senior Vice President Finance and Chief Financial Officer, 900, 240 – 4 Ave. S.W., Calgary, Alberta T2P 4H4; Telephone (403) 517 – 4654, Fax (403) 517 – 4678; website:


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