Canadian Banc Corp. completes C$28.6M overnight offering

On June 8, 2022, Canadian Banc Corp. completed the C28.6 million overnight offering of Preferred Shares and Class A Shares, bringing the Company’s net assets to approximately C$314.6 million. The Preferred Shares were offered at a price of C$10.00 per Preferred Share to yield 5% and the Class A Shares were offered at a price of C$14.50 per Class A Share with a target yield of 14.9%. The offering was led by National Bank Financial Inc.

McCarthy Tétrault LLP advised National Bank Financial Inc. with a team led by Andrew Armstrong that included Michael Eldridge, Paul Santache (Business), Fred Purkey and Gabrielle Richards (Tax).