Horizon North Logistics announces the completion of its $60 million subscription receipts private placement

    CALGARY, Nov. 20 /CNW/ - Horizon North Logistics Inc. ("Horizon")
announces today that it has closed its previously announced private placement
of 18.2 million subscription receipts ("Subscription Receipts") of Horizon at
a price of $3.30 per Subscription Receipt, for total gross proceeds of
$60 million. The underwriting syndicate was led by Peters & Co. Limited and
also included RBC Capital Markets, Westwind Partners Inc., and GMP Securities
    Each Subscription Receipt represents the right to receive one share of
Horizon for no additional consideration on the closing of the previously
announced acquisition of Northern Trailer (the "Acquisition"). The proceeds
from the offering of Subscription Receipts are being held by an escrow agent
pending closing of the Acquisition. If the Acquisition closes on or before
November 30, 2007, the net proceeds from the offering of Subscription Receipts
will be released to Horizon to partially fund the purchase of the Acquisition.
If the Acquisition has not closed, or will not close, by November 30, 2007, or
such other date as might be agreed to by the underwriters, the escrow agent
will return the gross proceeds and pro rata entitlement to interest thereon to
holders of the Subscription Receipts.
    The Subscription Receipts and the underlying common shares are subject to
a statutory hold period that expires on March 20, 2008.


    Certain information regarding Horizon and the closing of the acquisition,
may constitute forward-looking information under applicable securities law. As
a consequence, actual results may differ materially from those anticipated in
the forward-looking information. 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 otherwise, 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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