On January 14, 2005, Gaz Métro Inc. and Gaz Métro Limited Partnership entered into an agreement on a firm commitment basis with a syndicate of dealers led by BMO Nesbitt Burns Inc. Pursuant to the agreement, on January 28, 2005, the dealers underwrote 2,830,000 units at a price of $23 per unit ($65,090,000) and, on February 25, 2005, under a partial exercise of the over-allotment option granted to them under the agreement, underwrote 190,303 additional units at $23 per unit ($4,376,969). A short form prospectus contemplating this issue of units was filed on January 20, 2005.
Gaz Métro Limited Partnership's primary activity consists in operating an integrated network of underground conduits for the distribution, storage and transportation of natural gas within an exclusively conferred geographic area. This activity is regulated by the Québec government's Régie de l'énergie.