NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S
CALGARY, ALBERTA--September 4, 2002-Enbridge Inc. today announced
that it has completed its public offering of 5.0 million treasury
common shares at $46.30 per common share for gross proceeds of
$231.5 million, as announced on August 15, 2002. Proceeds will be
used to reduce outstanding indebtedness, to make investments in
subsidiaries and for general corporate purposes.
Enbridge also announced that it is proceeding with a private
placement of 500,000 common shares to Noverco Inc. at $46.30 per
common share for proceeds of $23.15 million. The private
placement is expected to close on or about September 10, 2002.
This press 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 of America.
Enbridge Inc. is a leader in energy transportation and
distribution in North America and internationally. As a
transporter of energy, Enbridge operates, in Canada and the U.S.,
the world's longest crude oil and liquids pipeline system. The
Company also has international operations and a growing
involvement in the natural gas transmission and midstream
businesses. As a distributor of energy, Enbridge owns and operates
Canada's largest natural gas distribution company, which provides
distribution services in Ontario, Quebec and New York State; and
is developing a gas distribution system for the Province of New
Brunswick. The Company employs approximately 4,000 people,
primarily in Canada, the U.S. and South America. Enbridge's common
shares trade on The Toronto Stock Exchange in Canada and on The
New York Stock Exchange in the U.S. under the symbol ENB.
Information about Enbridge is available on the Company's web site
at www.enbridge.com.
When used in this press release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar
expressions are intended to identify forward-looking statements,
which include statements relating to pending and proposed
projects. Such statements are subject to certain risks,
uncertainties and assumptions pertaining to operating performance,
regulatory parameters, weather and economic conditions and, in the
case of pending and proposed projects, risks relating to design
and construction, regulatory processes, obtaining financing and
performance of other parties, including partners, contractors and
suppliers.
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