Toronto, February 24, 2022 (GLOBE NEWSWIRE) — Canadian Banc Corp. (“Company”) is pleased to announce that it has completed the overnight offering of its preferred and Class A shares. The total offering revenue was $ 40.3 million and our net worth was approximately $ 291.8 million.
The shares will open on the Toronto Stock Exchange under the existing symbols of BK.PR.A (preferred stock) and BK (class A stock).
Preferred stock was offered at $ 10.35 per preferred stock at a yield of 4.8%, Class A shares were offered at a price of $ 15.75 per Class A share, and the target yield was 15.0%.
This offering was led by National Bank Financial Inc.
The net income of the offering is used by the company to invest in the portfolio of six listed Canadian banks as follows:
|Bank of Montreal||Canadian Imperial Bank of Commerce||Royal Bank of Canada|
|Nova Scotiabank||National Bank of Canada||Toronto Dominion Bank|
Commissions, trailing commissions, management fees and expenses may all be related to investment trust investments. Investors should read the Prospectus Supplement of our Short Form Base Shelf Prospectus dated June 22, 2021 before investing. Trusts are not guaranteed, their value changes frequently, and past performance may not be repeated. Please read our publicly submitted documentation available at www.sedar.com.
Investor Information: 1-877-478-2372
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Canadian Banc Corp. Completes $ 40,298,400 Overnight Offering, Canadian Business Journal
Source link Canadian Banc Corp. Completes $ 40,298,400 Overnight Offering, Canadian Business Journal