Business
Horizon North Logistics Inc. enters into bought deal financing and announces third quarter 2015 dividend
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNI...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"\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 17, 2015 /CNW/ - TSX Symbol: HNL\n\nHorizon North Logistics Inc. (TSX - HNL) (\"Horizon North\" or the \"Corporation\") is pleased to announce that it has entered into a bought-deal financing with a syndicate of underwriters led by Peters & Co. Limited and including 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.  Horizon North will issue 13,350,000 common shares (\"Common Shares\") at a price of $3.75 per Common Share for gross proceeds of approximately $50.1 million (the (\"Offering\").  The Underwriters have been granted an option to purchase up to an additional 15% of the Common Shares issued under this Offering at a price of $3.75 per Common Share to cover over-allotments exercisable in whole or in part at any time until 30 days after the closing for further gross proceeds of $7.5 million which would increase the Offering to approximately $57.6 million if fully exercised.\n\nThe Offering will be completed by way of short form prospectus in all of the provinces of Canada other than Quebec and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, (the \"U.S. Securities Act\"). The Offering is subject to customary conditions including receipt of applicable regulatory approvals, including the approval of the Toronto Stock Exchange, and is expected to close on or about July 8, 2015.\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 fund Horizon North's ongoing capital spending program and for general corporate purposes.  \n\nHorizon North previously announced an initial capital spending program for 2015 of $25.0 million which was increased to $30.0 million based on the strength of first quarter 2015 operating results.  Horizon North anticipates allocating capital spending toward...