On November 16, 2023, Canadian Banc Corp. announced a public offering of up to 8,674,000 preferred shares at $9.80 per share, with a total maximum value of $85,005,200. The offering is expected to close on or about November 23, 2023. Net proceeds, estimated at $82,305,044 after agent fees and expenses, will be used to invest in an actively managed portfolio of shares from major Canadian banks. The preferred shares, trading under the symbol "BK.PR.A" on the Toronto Stock Exchange, carry a repayment value of $10.00 each and offer a downside protection of 46.9%.

The offering was managed on a best-efforts basis by a syndicate of agents, including National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Hampton Securities Limited, RBC Dominion Securities Inc., TD Securities Inc., Raymond James Ltd., Echelon Wealth Partners Inc., iA Private Wealth Inc., Richardson Wealth Limited, Desjardins Securities Inc., Manulife Securities Incorporated, and Research Capital Corporation.

Legal counsel was provided by Blake, Cassels & Graydon LLP for the company and McCarthy Tétrault LLP for the agents.

This initiative addresses prior retraction notices to restore an equal number of outstanding preferred and Class A shares. DBRS has assigned a credit rating of Pfd-3 (low) to the preferred shares, reflecting adequate credit quality and a stable structure for future operations.