Dr. James Harbilas reports

ENERFLEX LTD. ANNOUNCES $100 MILLION BOUGHT DEAL FINANCING

Enerflex Ltd. has entered into an agreement, on a bought deal basis, with a syndicate of underwriters led by Scotiabank and TD Securities Inc., pursuant to which the underwriters have agreed to purchase 7,785,000 common shares of Enerflex at a price of $12.85 per common share for gross proceeds of approximately $100-million. In addition, the company has granted the underwriters an option to purchase up to an additional 1,167,750 common shares at the same price and on the same terms as the offering, exercisable in whole or in part at any time up until the date which is 30 days following the closing of the offering, to cover overallotments. Total gross aggregate proceeds will be approximately $115-million if the overallotment option is exercised in full.

The net proceeds of the offering (including the net proceeds from the exercise of the overallotment option, if any) will be used by the company to finance the balance of the 2016 and 2017 capital expenditure program, potential acquisitions that may be identified from time to time, and for general working capital and corporate purposes. Until deployed for these purposes, the proceeds of the offering will temporarily be used to reduce the outstanding indebtedness under the company's bank facility.

The offering will be completed by way of a short form prospectus in all provinces of Canada, and on a private placement basis in the United States pursuant to exemptions from registration requirements of the U.S. Securities Act of 1933, as amended. Closing of the offering is expected to occur on or about Sept. 7, 2016, and is subject to normal regulatory approvals.

About Enerflex

The company has approximately 1,900 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, Peru, Australia, the United Kingdom, Russia, the United Arab Emirates, Oman, Bahrain, Indonesia, Malaysia, Singapore and Thailand.

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