Horizon North Logistics Inc. Announces Agreement for Strategic Acquisition of Shelter Modular and Provides Modular Solutions Update

About this update from Dexterra Group, Inc.

[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Announces Agreement for Strategic Acquisition of Shelter Modular and Provides Modular Solutions Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 13, 2018\n\n\n\nCALGARY, March 13, 2018 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HNL.TO) announced today that the Corporation has entered into a binding letter of intent (the \"Binding Letter of Intent\") with respect to the acquisition of Shelter Modular Inc. (\"Shelter Modular\") and provided an update on the Corporation's Modular Solutions operations.\n\n\n \n \n\n \nShelter Modular Acquisition\n\nHorizon North and Shelter Modular, a full-service modular construction provider based in Aldergrove, British Columbia, have signed a Binding Letter of Intent pursuant to which Horizon North has agreed to make an offer to purchase (the \"Offer\") all of the issued and outstanding common shares of Shelter Modular (the \"Shelter Shares\") for $4.75 million, payable in a mix of common shares of Horizon North (\"Horizon Shares\") and assumption of existing debt. The Binding Letter of Intent is subject to certain conditions, including the receipt of all necessary and required consents, including those from the Toronto Stock Exchange and the Corporation's lending syndicate. The transaction is scheduled to close in mid-April 2018.\n\nThe Offer will be made pursuant to an exempt take-over bid. The Offer will be subject to a number of conditions including, among others, there being validly deposited under the Offer and not withdrawn such number of Shelter Shares that represents at least 90% of the outstanding Shelter Shares calculated on a fully-diluted basis. Certain conditions may be waived by Horizon North at any time both before and after the time of expiry of the Offer. Shelter Modular has agreed not to solicit further offers or initiate discussion or negotiations with any third party with respect to an alternative transaction involving Shelter Modular until closing of the transaction.\n\n\"The strategic acquisition o...

More updates from Dexterra Group, Inc.