GlobeNewswire Inc | Jun 4, 2021 08:55AM EDT

June 04, 2021

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.

ACHESON, Alberta, June 04, 2021 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (NACG or the Company) (TSX/NYSE: NOA) is pleased to announce the closing of the Underwriters (as defined below) over-allotment option, in full. The Underwriters purchased an additional $9.75 million aggregate principal amount of 5.50% convertible unsecured subordinated debentures of the Company (the Debentures), on the same terms and conditions of the Companys recently completed offering of Debentures (the Offering), for aggregate gross proceeds to the Company of $74,750,000.

The Offering was completed through a syndicate of underwriters led by National Bank Financial Inc. and including Canaccord Genuity Corp., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., ATB Capital Markets Inc., BMO Nesbitt Burns Inc., and Raymond James Ltd. (collectively, the Underwriters).

As previously announced, NACG intends to use the net proceeds of the Offering primarily to repay senior indebtedness under the Companys revolving credit facility, which revolving credit facility, and future borrowings under such credit facility, may continue to be used for general corporate purposes.

The Debentures have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

About the Company

North American Construction Group Ltd. (www.nacg.ca) is one of Canadas largest providers of heavy construction and mining services. For more than 65 years, NACG has provided services to large resource-based companies.

For further information, please contact:

Jason Veenstra, CPA, CAChief Financial OfficerNorth American Construction Group Ltd.Phone: (780) 948-2009Email: jveenstra@nacg.ca

Forward-Looking Information

The information provided in this release contains forward-looking information and forward-looking statements (together, forward-looking statements). Forward-looking statements include statements preceded by, followed by or that include the words expect, may, could, believe, anticipate, continue, should, estimate, potential, likely, target or similar expressions. The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the Companys Managements Discussion and Analysis for the year ended December 31, 2020 and the Companys annual information form dated February 17, 2021. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond NACGs control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, you should read the Companys disclosure documents filed with the SEC and the CSA. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.govor SEDAR on the CSA website at www.sedar.com.