Police spokesman Scott Pattison said authorities are continuing to look for the shooter or shooters.
Pattison said no University of Alberta students were involved in the incident. The school was quickly put on lockdown but that was later lifted.
The incident stemmed from an apparent robbery of an armored vehicle or vehicles belonging to C4S Cash Services. A C4S spokeswoman confirmed the victims were indeed employees of the global security company.
Friday's shooting happened shortly after midnight in the Hub Mall area, which has student residences and shops. It's the university's summer session, so fewer students are living on campus.
The Associated Press contributed to this report.