MONTRÉAL, Sept. 30, 2015 /CNW Telbec/ - Valener Inc. ("Valener") (TSX: VNR) is pleased to announce that it has completed the subscription of 2,109,265 Gaz Métro Limited Partnership ("Gaz Métro") units for approximately $35 million through Gaz Métro's private placement at a price of $16.50 per unit. As part of Gaz Métro's equity offering of $120 million by way of private placement, both Valener and Gaz Métro inc. ("GMi") subscribed for a prorated amount of units based on their respective shares of units outstanding. Gaz Métro will use the proceeds of the offering to re-establish its capital structure and for general corporate purposes.
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 Gaz Métro, 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. Gaz Métro 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. www.gazmetro.com.
SOURCE Valener Inc.
