Canadian Banc Corp. Completes Overnight Offering of $68,065,250
May 23 2018 - 8:02AM
Canadian Banc Corp. (the “Company’) is pleased to announce it has
completed the overnight offering of 2,915,000 Preferred Shares and
2,915,000 Class A Shares of the Company. The total proceeds
of the offering were $68.1 million, bringing the Company’s net
assets to approximately $253.0 million. The shares will trade
on the Toronto Stock Exchange under the existing symbols of BK.PR.A
(Preferred Shares) and BK (Class A Shares).
The Preferred Shares were offered at a price of
$10.00 per Preferred Share to yield 5% and the Class A Shares were
offered at a price of $13.35 per Class A Share to yield
10%.
The offering was co-led by National Bank
Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and
RBC Capital Markets, and also included TD Securities Inc., BMO
Capital Markets, Canaccord Genuity Corp., Industrial Alliance
Securities Inc., Echelon Wealth Partners, GMP Securities L.P.,
Raymond James Ltd., Desjardins Securities Inc., Mackie Research
Capital Corporation, and Manulife Securities Incorporated.
The net proceeds of the offering will be used by
the Company to invest in a portfolio of six publicly traded
Canadian Banks as follows:
Bank of Montreal |
Canadian Imperial Bank
of Commerce |
Royal Bank of
Canada |
The Bank of Nova
Scotia |
National Bank of
Canada |
The Toronto-Dominion
Bank |
Commissions, trailing commissions, management
fees and expenses all may be associated with mutual fund
investments. Investors should read the prospectus before investing.
Mutual funds are not guaranteed, their values change frequently and
past performance may not be repeated. Please read the Company’s
publically filed documents which are available at
www.sedar.com.
Investor Relations: 1-877-478-2372
Local: 416-304-4443 www.canadianbanc.com
info@quadravest.com
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