TORONTO, ONTARIO--(Marketwired - April 17, 2015) - Canadian Banc Corp. (the "Company') is pleased to announce it has completed the overnight offering of 1,320,000 Preferred Shares and 1,320,000 Class A Shares of the Company. Total proceeds of the offering were $30.7 million, bringing the Company's net assets to approximately $184.0 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 $13.25 per Class A Share to yield 10%.
The offering was co-led by National Bank Financial Inc., CIBC, RBC Capital Markets and also includes Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, 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 |
National Bank of Canada |
| Royal Bank of Canada |
Bank of Nova Scotia |
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.