Canaccord Financial completes C$113.5 million offering of preferred shares

Torys acted as counsel to the underwriters with a team that included Jamie Scarlett, Alison Harnick and Tom Miller (corporate/securities) and Andrew Wong (tax).

On June 23, 2011, Canaccord Financial Inc. completed a bought deal offering of 4,000,000 Cumulative 5-Year Rate Reset First Preferred Shares, Series A (the Series A Preferred Shares) at a purchase price of C$25.00 per Series A Preferred Share for aggregate gross proceeds of C$100 million. Canaccord sold an additional 540,000 Series A Preferred Shares for aggregate gross proceeds of C$13.5 million upon the exercise by the underwriters of an over-allotment option, which was completed on July 7, 2011. The Series A Preferred Shares are listed for trading on the Toronto Stock Exchange.

The Series A Preferred Shares were sold to a syndicate of underwriters co-led by CIBC World Markets Inc. and Canaccord Genuity Corp., and included BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Cormark Securities Inc., Desjardins Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.

Canaccord Financial, formerly Canaccord Capital Inc., is headquartered in Vancouver. Through its principal subsidiaries, the company operates as an independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets.

Further information is found on Canaccord's website.