Canada: Gaz Metro Closes Equity Offering

Gaz Métro announced that it has completed an equity offering by issuing by way of a private placement 3,125,000 new units from its treasury at a price of $16.00 per unit to GMi and Valener, pro rata based on their respective share of units outstanding, for aggregate gross proceeds of $50 million.

The proceeds of the offering will be used for the re-establishment of its capital structure and for its 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 $35.5 million.

Valener owns an economic interest of approximately 29% in Gaz Métro. Valener therefore has a stake in the energy industry and benefits from Gaz Métro’s diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects jointly developed with Gaz Métro and Boralex Inc. on the private lands of Séminaire de Québec. Valener’s common shares and preferred shares are listed on the Toronto Stock Exchange under the “VNR” trading symbol for common shares and under the “VNR.PR.A” symbol for Series A preferred shares.

GMi mainly holds an economic interest of approximately 71% in Gaz Métro, for which it acts as the General Partner and a financing vehicle.

[mappress]
LNG World News Staff, October 02, 2013