10:36 AM EST, 01/09/2026 (MT Newswires) -- Canadian Banc ( CNDCF ) on Friday said it completed the overnight marketing of preferred shares of the company.

The company said that the total gross proceeds of the offering are expected to be approximately $103.2 million and that the sales period of the overnight offering has now ended.

The preferred shares are being offered at a price of $10.32 each and the offering is being led by National Bank Financial.

The closing price on the TSX of the preferred shares on Jan. 8, 2026, was $10.38.

The offering is expected to close on or about Jan. 16, 2026, and is subject to certain closing conditions.

The company will use the net proceeds to invest in a portfolio consisting primarily of six publicly traded Canadian Banks such as Bank of Montreal ( BNKD ), Canadian Imperial Bank of Commerce ( CM ), Royal Bank of Canada ( RY ), The Bank of Nova Scotia ( BNS ), National Bank of Canada ( NTIOF ) and The Toronto-Dominion Bank ( MLWIQXX ).

The company said that its preferred share investment objectives are to provide holders with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing Canadian prime rate plus 1.50%, minimum annual rate of 5.0% and maximum annual rate of 8.0%, based on original $10 issue price, and on or about the termination date, currently Dec. 1, 2028, subject to further five year extensions and it has been extended in the past, to pay holders the original $10 issue price of those shares.

The company's shares were last seen unchanged at $14.68 on the Toronto Stock Exchange.

Price: 14.69, Change: +0.01, Percent Change: +0.07