Canadian Banc Corp. Announces Completion of Treasury Offering
TORONTO, ONTARIO--(Marketwired - Mar 7, 2014) - Canadian Banc Corp. (the "Company") is pleased to announce it has completed a treasury offering of 837,350 Preferred shares and 837,350 Class A shares. Total gross proceeds of the offering were $19.4 million, bringing the Company's net assets to approximately $151.7 million. The shares will trade on the Toronto Stock Exchange under the existing symbols BK.PR.A (Preferred shares) and BK (Class A shares).
The Preferred shares were offered at a price of $10.35 per share to yield 4.83% annually and the Class A shares were offered at a price of $12.90 per share, targeting to yield 10% annually based on the volume weighted average market price of the Class A shares for last 3 trading days of the preceding month.
The syndicate of agents consisted of National Bank Financial Inc., CIBC, RBC Capital Markets, TD Securities Inc., BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and Raymond James Ltd.
The net proceeds of the treasury 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 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.
