May 26, 2000
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S.
(May 26, 2000) Enbridge Inc. today announced that it has completed
its public offering of 4.5 million treasury common shares at
$32.75 per common share as announced on May 9, 2000. Proceeds
will be used to fund investments in subsidiaries, to repay
outstanding indebtedness and for general corporate purposes.
Also as announced on May 9, 2000, Enbridge is proceeding with the
closing of the private placement offering to sell an additional
600,000 common shares to Noverco Inc. also at $32.75 per common
share. The Noverco private placement is expected to close on or
about June 6, 2000. This will maintain Noverco and its
affiliates' ownership interest in Enbridge at approximately 10%.
Enbridge Inc. is a leader in energy transportation, distribution
and services. 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 is involved in liquids
marketing and international energy projects, and has 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 gas in Ontario, Quebec and New York State; and is
involved in the distribution of electricity. In addition,
Enbridge provides retail energy products and services to a growing
number of Canadian and U.S. markets. The Company employs
approximately 5,500 people, primarily in Canada, the U.S. and
South America. Enbridge common shares trade on the Toronto Stock
Exchange in Canada under the symbol "ENB" and on The NASDAQ
National Market in the U.S. under the symbol "ENBR". Information
about Enbridge is available on the World Wide Web at