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Underwriters buying additional preferred shares in Canadian bank's offering

Underwriters of National Bank of Canada's series 42 preferred shares offering have exercised their option to purchase an additional 2 million shares, increasing the size of the offering to 12 million shares.

The gross proceeds of the offering are expected to be C$300 million. The offering is expected to close on or about June 11.

The bank expects to use the net proceeds of the offering for general corporate purposes and to boost its capital base.

The offering will be underwritten by a syndicate led by National Bank Financial Inc.