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Canadian Banc completes overnight offering of C$68.1M

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Canadian Banc completes overnight offering of C$68.1M

Canadian Banc Corp. completed an overnight offering of 2,915,000 preferred shares and 2,915,000 class A shares, resulting in total proceeds of C$68.1 million

The offering brought the company's net assets to about C$253.0 million. The shares will trade on the Toronto Stock Exchange under the existing symbols of BK.PR.A for preferred shares, and BK for class A shares.

The preferred shares were offered at a price of C$10.00 per share to yield 5%, while the class A shares were offered at C$13.35 per share to yield 10%. Canadian Banc will use the net proceeds from the offering to invest in a portfolio of six publicly traded Canadian banks: Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Bank of Nova Scotia, National Bank of Canada and Toronto-Dominion Bank.

The offering was jointly led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and RBC Capital Markets, and it included TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Industrial Alliance Securities Inc., Echelon Wealth Partners, GMP Securities LP, Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corp., and Manulife Securities Inc.