CALGARY, July 12, 2017 /CNW/ - Pembina Pipeline
Corporation (TSX:PPL; NYSE: PBA) ("Pembina") and Veresen Inc. (TSX:
VSN) ("Veresen") are pleased to announce that following the
approval of Veresen's Common and Preferred Shareholders announced
on July 11, the Court of Queen's
Bench of Alberta has approved the
previously announced plan of arrangement between Pembina and
Veresen (the "Transaction") to create one of the largest energy
infrastructure companies in Canada.
Closing of the Transaction remains subject to certain
conditions, including certain regulatory and government approvals
and other customary closing conditions. Pembina and Veresen
continue to expect the Transaction will close late in the third
quarter or early in the fourth quarter of 2017.
About Pembina
Calgary-based Pembina is a
leading transportation and midstream service provider that has been
serving North America's energy
industry for over 60 years. Pembina owns and operates an integrated
system of pipelines that transport various products derived from
natural gas and hydrocarbon liquids produced primarily in western
Canada. The Company also owns and
operates gas gathering and processing facilities and an oil and
natural gas liquids infrastructure and logistics business.
Pembina's integrated assets and commercial operations along the
majority of the hydrocarbon value chain allow it to offer a full
spectrum of midstream and marketing services to the energy sector.
Pembina is committed to working with its community and aboriginal
neighbours, while providing value for investors in a safe,
environmentally responsible manner. This balanced approach to
operating ensures the trust Pembina builds among all of its
stakeholders is sustainable over the long term. Pembina's common
shares trade on the Toronto and
New York stock exchanges under,
respectively. Pembina's preferred shares also trade on the
Toronto stock exchange. For more
information, visit www.pembina.com.
About Veresen
Veresen is a publicly-traded dividend paying corporation based
in Calgary, Alberta that owns and
operates energy infrastructure assets across North America. Veresen is engaged in three
principal businesses: a pipeline transportation business comprised
of interests in the Alliance Pipeline, the Ruby Pipeline and the
Alberta Ethane Gathering System; a midstream business which
includes a partnership interest in Veresen Midstream Limited
Partnership, which owns assets in western Canada, and an ownership interest in
Aux Sable, which owns a world-class
natural gas liquids (NGL) extraction facility near Chicago, and other natural gas and NGL
processing energy infrastructure; Veresen is also developing Jordan
Cove LNG, a 7.8 million tonne per annum natural gas liquefaction
facility proposed to be constructed in Coos Bay, Oregon, and the associated Pacific
Connector Gas Pipeline. In the normal course of business, Veresen
regularly evaluates and pursues acquisition and development
opportunities.
Veresen's Common Shares, Cumulative Redeemable Preferred Shares,
Series A, Cumulative Redeemable Preferred Shares, Series C, and
Cumulative Redeemable Preferred Shares, Series E trade on the
Toronto Stock Exchange under the symbols, respectively. For further
information, please visit www.vereseninc.com.
Forward-looking Information
Certain information contained in this news release constitutes
forward-looking information under applicable securities laws. All
statements, other than statements of historical fact, which address
activities, events or developments that Veresen expects or
anticipates may or will occur in the future, are forward-looking
information. Forward-looking information typically contains
statements with words such as "may", "estimate", "anticipate",
"believe", "expect", "plan", "intend", "target", "project",
"forecast" or similar words suggesting future outcomes or outlook.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to the timing and
anticipated receipt of regulatory approval; the timing of closing
of the Transaction between Pembina and Veresen. Readers are also
cautioned that such additional information is not exhaustive. The
impact of any one risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as
these factors are independent and management's future course of
action would depend on its assessment of all information at that
time. Readers are urged to consult the disclosure provided under
the heading "Risk Factors" in Veresen's management information
circular dated June 5, 2017, which
has been filed on SEDAR at www.sedar.com for further information
respecting the risks and other factors applicable to the
Transaction. Although Veresen believes that the expectations
conveyed by the forward-looking information are reasonable based on
information available on the date of preparation, no assurances can
be given as to future results, levels of activity and achievements.
Undue reliance should not be placed on the information contained
herein, as actual results achieved will vary from the information
provided herein and the variations may be material. Veresen makes
no representation that actual results achieved will be the same in
whole or in part as those set out in the forward-looking
information. Furthermore, the forward-looking statements contained
herein are made as of the date hereof, and Veresen does not
undertake any obligation to update publicly or to revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable laws. Any forward-looking information contained herein
is expressly qualified by this cautionary statement.
SOURCE Pembina Pipeline Corporation