CALGARY, ALBERTA--(CCNMatthews - Feb. 2, 2007) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has completed its public offering of 13.5 million treasury common shares at $38.75 per common share for gross proceeds of $523.1 million. Proceeds will be used to reduce outstanding indebtedness, make investments in subsidiaries, and for general corporate purposes. The offering was initially announced January 16, 2007.
Enbridge also announced that it is proceeding with a private placement agreement to sell an additional 1.5 million treasury common shares to Noverco Inc., at the same price as the public issue, for proceeds of $58.1 million. The private placement is expected to close later today.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the common shares in any jurisdiction. The common shares offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the United States, the world's longest crude oil and liquids pipeline system. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. Enbridge employs approximately 5,000 people, primarily in Canada, the United States and South America. Information about Enbridge is available on the Company's website at www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except to the extent required by applicable securities laws and regulations, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
For more information please contact:
Enbridge Inc.
Glenn Herchak
Media
(403) 266-7906
Email: glenn.herchak@enbridge.com
or
Enbridge Inc.
Bob Rahn
Investment Community
(403) 231-7398
Email: bob.rahn@enbridge.com
Website: www.enbridge.com