By Devika Patel
Knoxville, Tenn., Oct. 30 - Horizon North Logistics Inc. said it plans a C$60.06 million private placement of subscription receipts.
The company will sell 18.2 million receipts on a bought-deal basis at C$3.30 apiece. Each subscription receipt is exchangeable for one common share, at no additional cost, upon closing of the company's previously announced acquisition of Northern Trailer.
The deal, which is expected to close on Nov. 20, is being conducted by a syndicate of underwriters led by Peters & Co. Ltd. and including RBC Capital Markets, Westwind Partners Inc. and GMP Securities LP.
The proceeds from the private placement will be deposited in escrow pending closing of the acquisition. If the acquisition closes on or before Nov. 30, the proceeds will be used to fund a portion of the acquisition price.
Horizon offers the logistical support, marine transport, base and mobile camps, catering, docks and off-river landing sites, staging areas, and construction for all northern resource and development projects. The company is based in Calgary, Alta.
| Issuer: | Horizon North Logistics Inc.
|
| Issue: | Subscription receipts exchangeable for one common share each
|
| Amount: | C$60.06 million
|
| Receipts: | 18.2 million
|
| Price: | C$3.30
|
| Warrants: | No
|
| Agent: | Peters & Co. Ltd. (lead), RBC Capital Markets, Westwind Partners Inc., GMP Securities LP
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 20
|
| Stock symbol: | Toronto: HNL
|
| Stock price: | C$3.49 at close Oct. 29
|
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