MONTRÉAL, April 30, 2015 /CNW Telbec/ - Valener Inc. ("Valener") (TSX: VNR) is pleased to announce that it has completed a subscription of units of Gaz Métro Limited Partnership ("Gaz Métro") for approximately $39 million by subscribing under a private placement of Gaz Métro for 2,372,923 units of Gaz Métro at a price of $16.50 per unit. The subscription was made by Valener, pro rata based on its share of units outstanding, as part of an equity offering of $135 million by Gaz Métro by way of a private placement under which Gaz Métro inc. ("GMi") also subscribed for its pro rata share of units. Gaz Métro will use the proceeds of the offering to the re-establish its capital structure and for its 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 one hand, contributes to Gaz Métro's growth, and on the other hand invests in wind power production in Quebec together with Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and under the "VNR.PR.A" symbol 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 such as the production of wind power, the use of natural gas as a transportation fuel 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.
For further information: Investors and analysts: Caroline Warren, Investor Relations, 514-598-3324; Media: Marie-Christine Demers, Public Affairs and Communications, 514-598-3449; www.twitter.com/gazmetro, www.gazmetro.com/pressroom, Photos, videos (b-roll) and logos are available in Gaz Métro's Multimedia library.