September 30, 2015 - Press releases
Montréal, September 30, 2015 – Énergir inc. (“GMi”), General Partner of Énergir Limited Partnership (“Gaz Métro”), is pleased to announce that Gaz Métro completed an equity offering by issuing, by way of private placement, 7,272,727 new units from its treasury at a price of $16.50 per unit to GMi and Valener Inc. (“Valener”), prorated based on each entity's respective shares of units outstanding, for aggregate gross proceeds of $120 million. The proceeds of the offering will be used to re-establish Énergir's capital structure and for general corporate purposes.
GMi financed its subscription of new units by way of issuance of common shares to Noverco Inc. for gross proceeds of approximately $85 million.
Overview of Valener
Valener is a widely held public company that serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Métro's growth, and on the other, invests in wind power production in Quebec alongside Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common and preferred shares are listed on the Toronto Stock Exchange under the symbols “VNR” for common shares and “VNR.PR.A” for Series A preferred shares. www.valener.com.
Overview of Gaz Métro and GMi
GMi mainly holds an economic interest of approximately 71% in Énergir, for which it acts as the General Partner and a financing vehicle.With more than $6 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 195,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Énergir is actively involved in the development and operation of innovative, promising energy projects, including natural gas as fuel and liquefied natural gas as a replacement for higher emission-producing energies, the production of wind power, and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees.