Trimac acquires interest in Northern Resource Trucking Limited Partnership
CALGARY, March 19, 2012 /PRNewswire/ - Trimac Transportation Ltd. ("Trimac") (TSX: TMA) announced today that it has closed its previously announced acquisition of a 29% interest in Northern Resource Trucking Limited Partnership ("NRT") for a purchase price of $9,000,000. The transaction was a cash and share transaction with $1,000,000 of the purchase price being satisfied in cash and $8,000,000 of the purchase price being satisfied by the issuance of 1,720,430 Class A Shares of Trimac. Trimac acquired the interest from Trimac Investments Limited Partnership ("TILP"), an affiliate of Trimac.
The 1,720,430 Class A Shares issued in connection with the transaction had an issue price of $4.65 per Class A Share and represent 6.73% of the total number of voting shares of Trimac currently outstanding on a non-diluted basis. Of the Class A Shares issued, Jeffrey J. McCaig acquired beneficial ownership of, and control and direction over, 1,107,448 of the Class A Shares acquired by TILP representing his pro rata equitable interest in TILP. Accordingly, the transaction increased the total number of outstanding Class A Shares of Trimac beneficially owned or controlled, directly or indirectly, by Mr. McCaig from 26.71% to 29.84% on a non-diluted basis and increased the total number of outstanding voting shares of Trimac beneficially owned or controlled, directly or indirectly, by Mr. McCaig from 45.41% to 46.59% on a fully diluted basis. Subject to applicable laws, Mr. McCaig may at any time and from time to time acquire additional securities of Trimac. For a copy of the early warning report filed on behalf of Mr. McCaig pursuant to National Instrument 62-103 in relation to the acquisition of the Class A Shares described above, please contact either of the persons designated below.
NRT provides trucking services primarily to the uranium mining industry in Northern Saskatchewan. In addition to Trimac, the NRT limited partners are comprised of a group of ten First Nations and Métis partners from communities across Northern Saskatchewan. NRT has approximately 80 tractors, 140 trailers and 150 employees and owner operators. NRT is based out of Saskatoon, Saskatchewan.
About Trimac: Trimac is Canada's largest provider of bulk trucking services with operations from coast to coast. In addition, through its National Tank Services division, Trimac performs repairs, maintenance and tank-trailer cleaning services for both the Trimac fleet and for third party commercial customers. Trimac also provides third party transportation logistics services in Canada and the United States through its wholly owned subsidiary Bulk Plus Logistics.
SOURCE Trimac Transportation Ltd.