Valener announces a $29 million subscription of Gaz Metro units by way of private placement

MONTRÉAL, QUÉBEC--(Marketwired - March 31, 2017) - Valener Inc. ("Valener") (TSX:VNR) (TSX:VNR.PR.A) is pleased to announce that it has completed the subscription of 1,318,291 Gaz Métro Limited Partnership ("Gaz Métro") units for approximately $29 million through Gaz Métro's private placement at a price of $22.00 per unit. As part of Gaz Métro's equity offering of approximately $100 million by way of private placement, both Valener and Gaz Métro inc. ("GMi") subscribed for a prorated amount of units based on their respective shares of units outstanding. Gaz Métro will use the proceeds of the offering to rebalance its capital structure and for general corporate purposes.

Overview of Valener

Valener is a widely held public company that serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Québec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Métro's growth, and on the other, invests in wind power production in Québec alongside Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common and preferred shares are listed on the Toronto Stock Exchange under the symbols "VNR" for common shares and "VNR.PR.A" for Series A preferred shares. www.valener.com.

Overview of Gaz Métro and GMi

GMi mainly holds an economic interest of approximately 71% in Gaz Métro, for which it acts as the General Partner and a financing vehicle.

With more than $7 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Québec, where its network of over 10,000 km of underground pipelines serves more than 300 municipalities and more than 205,000 customers. Gaz Métro is also present in Vermont, where it has more than 315,000 customers. There, it operates through its subsidiaries in the electricity production market and the electricity and natural gas distribution market. Gaz Métro is actively involved in developing and operating innovative, promising energy projects, including natural gas as fuel, liquefied natural gas as a replacement for higher emission-producing energies, the production of wind and solar power, and the development of biomethane. Gaz Métro is a major energy sector player that takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees. www.gazmetro.com.

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