bannerhome1

AltaGas Canada

Unique, Diversified Portfolio of High Quality, Strategically
Located Canadian Utility and Renewable Power Assets

Calgary, Alberta--(Newsfile Corp. - October 25, 2018) - AltaGas Canada Inc. (TSX: ACI) ("ACI") today announced the successful closing of the Initial Public Offering (the "Offering") of 16,500,000 of its common shares (the "Common Shares") at a price of $14.50 per Common Share (the "Offering Price) for total gross proceeds of approximately $239 million.

The Common Shares are listed on the Toronto Stock Exchange under the symbol “ACI”.

“We are pleased to welcome our new shareholders to ACI and are excited about ACI’s future,” said Jared Green, President and Chief Executive Officer of ACI. “We look forward to providing the same safe, reliable and cost effective service to our customers that we are known for, maintaining strong and positive relationships with our stakeholders, having a safe and engaging workplace for our employees and bringing steady stable net income growth to our shareholders.

”The underwriting syndicate was jointly led by RBC Capital Markets, TD Securities Inc. and J.P. Morgan Securities Canada Inc. (the “Joint Bookrunners”) and included CIBC World Markets Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., Beacon Securities Limited, Desjardins Securities Inc. and Industrial Alliance Securities Inc. (together with the Joint Bookrunners, the “Underwriters”.)

ACI has also granted the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 2,475,000 Common Shares at the Offering Price, which if exercised in full, will increase the total gross proceeds of the Offering to approximately $275 million.

Following the Offering AltaGas Ltd. (“AltaGas”) holds an approximate 45 percent interest in ACI. AltaGas’ interest would be reduced to approximately 36.8 percent if the Over-Allotment Option is exercised in full.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is not for distribution, directly or indirectly, in or into the United2States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction outside Canada. This press release does not constitute or form a part of any offer to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities offered pursuant to the amended and restated preliminary prospectus have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, these securities may not be offered or sold within the United States or to a U.S. person unless registered under the U.S. Securities Act and applicable state securities laws or except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

About ACI

ACI is a Canadian company with natural gas distribution utilities and renewable power generation assets. ACI serves approximately 130,000 customers, delivering low carbon energy, safely and reliably. For more information visit: www.altagascanada.ca.

For Further Information Contact:
Jess Nieukerk
587-955-3660
This email address is being protected from spambots. You need JavaScript enabled to view it.

FORWARD LOOKING INFORMATION

This news release contains forward-looking information (forward-looking statements). Words such as "may", "can", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "expect", "project", "target", "potential", "objective", "continue", "outlook", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to ACI or any affiliate of ACI, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: expected provision of safe, reliable and cost effective service to customers; expected maintenance of strong and positive stakeholder relationships; expected safe and engaging workplace; expected net income growth; and potential exercise of the Over-Allotment Option and impact on Offering proceeds and AltaGas' ownership interest in ACI.

ACI's forward-looking statements are subject to certain risks and uncertainties which could cause results or events to differ from current expectations, including, without limitation: legislative and regulatory environment; demand for natural gas; access to and use of capital markets; market value of ACI's securities; ACI's ability to pay dividends; ACI's ability refinance its debt; prevailing economic conditions; the potential for service interruptions and physical damage to infrastructure; natural gas supply; ability of the company to maintain, replace and expand its regulated assets; and impact of labour relations and reliance on key personnel. Applicable risk factors are discussed more fully under the heading "Risk Factors" in ACI's final long form prospectus dated October 18, 2018.

Many factors could cause ACI's actual results, performance or achievements to vary from those described in this news release, including, without limitation, those listed above and the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, expected, projected or targeted and such forward-looking statements included in this news release, should not be unduly relied upon. The impact of any one assumption, risk, uncertainty or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and ACI's future decisions and actions will depend on management's assessment of all information at the relevant time. Such statements speak only as of the date of this news release. ACI does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this news release are expressly qualified by these cautionary statements.

Financial outlook information contained in this news release about prospective financial performance, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES