On March 14, 2025, ECN Capital Corp. announced a public offering of C$75 million in 6.50% convertible senior unsecured debentures due April 30, 2030. The debentures, priced at C$1,000 each, will bear interest payable semi-annually starting October 31, 2025. An over-allotment option allows underwriters to purchase an additional C$11.25 million of debentures within 30 days of closing. The net proceeds of C$72 million (after deducting a C$3 million underwriters’ fee and before expenses) are intended to redeem ECN’s outstanding senior unsecured debentures due December 31, 2025.

The offering was led by CIBC World Markets Inc., with joint bookrunners National Bank Financial Inc., BMO Nesbitt Burns Inc., and RBC Dominion Securities Inc. Additional underwriters included Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp., and Cormark Securities Inc. Legal counsel included Blake, Cassels & Graydon LLP for ECN Capital and Osler, Hoskin & Harcourt LLP for the underwriters.

The Toronto Stock Exchange conditionally approved the listing of the debentures under the symbol “ECN.DB.C” and the shares issuable upon conversion. The closing of the offering is expected around March 19, 2025.