Canadian Banc Corp. Completes Overnight Offering of $40,298,400
TORONTO, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Canadian Banc Corp. (the "Company') is pleased to announce it has completed the overnight offering of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering were $40.3 million, bringing the Company's net assets to approximately $291.8 million.
The shares will begin trading 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 $10.35 per Preferred Share to yield 4.8% and the Class A Shares were offered at a price of $15.75 per Class A Share with a target yield of 15.0%.
The offering was led by National Bank Financial Inc.
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 supplement to the Company's short form base shelf prospectus dated June 22, 2021, before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company's publicly filed documents which are available at www.sedar.com.
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