The offering is being made only in Canada by means of a prospectus. Proceeds will be used to reduce outstanding indebtedness, to make investments in subsidiaries and for general corporate purposes.
Enbridge will also make an offer to enter into a private placement agreement to sell an additional 1.5 million common shares to Noverco Inc. at the same price as the public issue. The placement, if accepted by Noverco, is expected to close on or about February 5, 2007, and would maintain Noverco's and its affiliates' ownership interest in Enbridge at approximately 9.5%. The closing of the private placement is conditional upon the closing of the public offering.
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