Horizon North Logistics Inc. Announces $60 Million Bought Deal Subscription Receipt Private Placement Transaction



    CALGARY, Oct. 30 /CNW/ - Horizon North Logistics Inc. ("Horizon")
announces today that it has entered into an agreement with a syndicate of
underwriters led by Peters & Co. Limited and including RBC Capital Markets,
Westwind Partners Inc. and GMP Securities L.P. (collectively the
"Underwriters"), pursuant to which the underwriters have agreed to purchase
for resale, on a bought deal private placement basis, 18,200,000 subscription
receipts (the "Subscription Receipts") at a price of $3.30 per Subscription
Receipt for gross proceeds to Horizon of $60,060,000. Closing is expected on
or about November 20, 2007.
    Each Subscription Receipt will entitle the holder to acquire one common
share of Horizon, without the payment of any additional consideration, upon
closing of the previously announced acquisition of Northern Trailer (the
"Northern Acquisition"). The gross proceeds from the private placement will be
deposited in escrow pending the closing of the Northern Acquisition. If the
Northern Acquisition closes on or before November 30, 2007, or such other date
as might be agreed upon by Horizon and the Underwriters, the net proceeds from
the private placement of Subscription Receipts will be released to Horizon and
used by Horizon to fund a portion of the Northern Acquisition price. The
Northern Acquisition is expected to close on or before November 30, 2007.
Completion of the private placement offering is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals.

    Advisory Regarding Forward Looking Information

    Certain information regarding Horizon, the acquisition of Northern
Trailer and the sale and repurchase of Subscription Receipts, may constitute
forward-looking information under applicable securities law and necessarily
involves risks, including, without limitation, incorrect assessment of the
value of the acquisition, failure to realize the anticipated benefits of the
acquisition, the ability to access sufficient capital from internal and
external sources, or the ability to maintain management and employees of the
acquired entity. As a consequence, actual results may differ materially from
those anticipated in the forward-looking information. Readers are cautioned
that the foregoing list of factors is not exhaustive. Furthermore, the
forward-looking information contained in this news release is provided as of
the date of this news release, and Horizon undertakes no obligation to update
publicly or to revise any of the included forward-looking information, whether
as a result of new information, future events or other wise, except as may be
expressly required by applicable securities law.





For further information:

For further information: Ric Peterson, Chairman and Chief Executive
Officer, or Bob German, Vice President Finance and Chief Financial Officer,
Telephone (403) 517-4654, Fax (403) 517-4678


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