Business
Horizon North Logistics Inc. Closes $50 Million Bought Deal Public Offering of Common Shares
Horizon North Logistics Inc. Closes $50 Million Bought Deal Public Offering of Common Shar...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Closes $50 Million Bought Deal Public Offering of Common Shares\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, June 25, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./\n\n\n\nCALGARY, June 25, 2018 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HNL.TO) announced today the closing of its previously announced bought-deal financing through a syndicate of underwriters led by National Bank Financial Inc. and including Scotia Capital Inc., Peters & Co. Limited, TD Securities Inc., Cormark Securities Inc., GMP Securities L.P., Beacon Securities Limited, Clarus Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Acumen Capital Finance Partners Limited and AltaCorp Capital Inc. (the \"Offering\"). Pursuant to the Offering, the Corporation issued 17,857,200 common shares (\"Common Shares\") at a price of $2.80 per Common Share for gross proceeds of approximately $50 million.\n\nThe net proceeds received by Horizon North from the Offering will be used to initially reduce the Corporation's committed credit facility balances, which will then be available to take advantage of opportunities associated with new Liquefied Natural Gas (\"LNG\") projects in western Canada, and to expand the Corporation's Modular Solutions business across Canada. Horizon North specifically intends to allocate the net proceeds of the Offering as follows: (i) approximately 50 per cent of the net proceeds are to be directed towards the transportation, installation and commissioning of up to 1,000 camp beds on Horizon North's existing, fully serviced land position in Kitimat, British Columbia following a potential positive final investment decision by LNG project proponents; and (ii) approximately 50 per cent of the net proceeds are to be directed towards the expansion of Horizon North's Modular ...