Veresen Inc. Completes Public Offering of Common Shares

Veresen Inc. completed a public offering of 17,250,000 common shares of Veresen at a price of $16.50 per share representing aggregate gross proceeds of approximately $284.6 million, which includes 2,250,000 common shares issued on the exercise in full of the over-allotment option granted to the underwriters.

The net proceeds from the offering will be used to finance development costs relating to Veresen's proposed Jordan Cove liquefied natural gas export terminal project located in Oregon, to partially fund 2014 growth capital expenditures relating to its renewable power projects currently under construction, to reduce Veresen's outstanding indebtedness, and for general corporate purposes.

The offering was made through a syndicate of underwriters co-led by Scotia Capital Inc., TD Securities Inc., and CIBC World Markets Inc., which included RBC Capital Markets, National Bank Financial Inc., BMO Capital Markets, HSBC Securities (Canada) Inc., Canaccord Genuity Corp., FirstEnergy Capital Corp., Haywood Securities Inc., and Peters & Co. Limited.

Veresen Inc. was represented by Kevan King, Senior Vice President, General Counsel and Secretary, and Autumn Howell, senior legal counsel; and by Bennett Jones LLP with a team led by Renee Ratke (capital markets), which included Kahlan Mills and Tommy Wong (capital markets) and Darcy Moch (tax).

The underwriters were represented by Blake, Cassels & Graydon LLP with a team led by Dan McLeod (capital markets), which included Alison Desipio and Perry Feldman (capital markets) and Nancy Diep (tax).