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Valener completes public offering and concurrent share trade with SNC-Lavalin for US$101 million

Fasken
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Client

BMO Nesbitt Burns and Scotia Capital

On November 2, 2010, Valener Inc. announced that it had successfully completed its previously announced bought deal public offering of common shares for gross proceeds of approximately $41 million. The common shares were sold to a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and Scotia Capital Inc., and included Desjardins Securities Inc., National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Laurentian Bank Securities Inc. and TD Securities Inc. Concurrently with the offering and in a separate transaction, SNC-Lavalin Group Inc. has sold, directly or indirectly, to the underwriters all of the common shares of Valener that it holds directly or indirectly (approximately 3.5 million common shares), at the same price per common share as under the offering. These common shares will be sold to the public via a market trade led by the Underwriters. Valener is a new publicly listed corporation which holds an economic interest of approximately 29% in Gaz Métro Limited Partnership. Valener has also been granted an option to acquire a 24.5% indirect interest in the wind power projects jointly developed directly or indirectly by Gaz Métro and Boralex Inc. on the private property of the Seigneurie de Beaupré. Fasken Martineau advised the underwriters both with respect to the public offering and the SNC share trade with a team that included Gilles Leclerc, Catherine Isabelle and Christian Jacques.

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