Horizon North Logistics Inc. Announces Completion of Strategic Acquisition of Shelter Modular

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[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Announces Completion of Strategic Acquisition of Shelter Modular\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, April 16, 2018\n\n\n\nCALGARY, April 16, 2018 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HNL.TO) announced today that the Corporation has successfully completed the previously announced acquisition of Shelter Modular Inc. (\"Shelter Modular\"). Horizon North has taken-up and paid for all common shares of Shelter Modular (\"Shelter Shares\") deposited under Horizon North's previously announced offer (the \"Offer\") by way of exempt take-over bid for Shelter Modular, and now holds approximately 96.6% of the outstanding Shelter Shares.\n\nThe successful acquisition of Shelter Modular, based in Aldergrove, British Columbia, provides Horizon North with immediate manufacturing capacity to meet increasing demand in the Modular Solutions division, and provides exposure to future opportunities to grow the modular business. Horizon North and Shelter Modular agreed to a purchase price of $4.75 million, payable in a mix of common shares of Horizon North and assumption of existing debt. As the holders of not less than 90% of the Shelter Shares outstanding (on a fully-diluted basis) have accepted the Offer, Horizon North intends to exercise its statutory rights under the Business Corporations Act (Alberta) to acquire the remaining Shelter Shares that Horizon North did not acquire under the Offer (the \"Compulsory Acquisition\"). A notice of the Compulsory Acquisition will be sent to the remaining holders of Shelter Shares.\n\n\"In addition to growing our manufacturing capacity, this acquisition also exposes Horizon North to future opportunities to grow modular business and gain additional market share,\" says Rod Graham, President and Chief Executive Officer of Horizon North. \"The facility's location in lower mainland British Columbia means lower transportation costs and increased labour efficiency for existing municipal and provincial government clients in BC, ...

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