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CALGARY, July 8, 2015 /CNW/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX: HNL) is pleased to announce the closing of its bought deal public offering of 21,505,000 common shares of the Corporation at a price of $3.75 per share, which includes 2,805,000 common shares issued pursuant to the exercise in full of the over-allotment option, for gross proceeds of approximately $80.6 million (the "Offering").
The syndicate of underwriters was led by Peters & Co. Limited and included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., AltaCorp Capital Inc., Clarus Securities Inc., Cormark Securities Inc., FirstEnergy Capital Corp., GMP Securities L.P. and Raymond James Ltd.
The net proceeds received by Horizon North from the Offering will be used to initially reduce indebtedness and thereafter to partially fund Horizon North's ongoing capital expenditure program and for general corporate purposes.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Horizon North Logistics Inc.
Horizon North is a remote resource development service company that provides workforce accommodation solutions, camp management and catering services, and road and access matting solutions. Horizon North provides these services in support of oil sands development, oil and gas exploration, mining and infrastructure projects throughout Canada's western provinces and northern territories where local infrastructure does not meet project requirements.
The common shares of Horizon North are traded on the Toronto Stock Exchange under the symbol "HNL".
This news release contains forward-looking information that involves known and unknown risks and uncertainties, most of which are beyond Horizon North's control, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Horizon North's Annual Information Form and in its other filings available on SEDAR at www.sedar.com. Forward-looking information in this news release includes, but is not limited to, the anticipated use of net proceeds of the Offering. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, undue reliance should not be placed on this forward-looking information. This forward-looking information is made as of the date of this news release and, other than as required by applicable securities laws, Horizon North does not assume any obligation to update or revise it to reflect new events or circumstances. The forward looking information contained in this release is expressly qualified by this cautionary statement.
SOURCE Horizon North Logistics Inc.
For further information: Horizon North Logistics Inc., Rod Graham, President and Chief Executive Officer, Phone: (403) 517-4654 or Horizon North Logistics Inc., Scott Matson, Vice President Finance and Chief Financial Officer, Phone: (403) 517-4654 or visit our website at www.horizonnorth.ca