Life & Banc Split Corp. announced an at-the-market (ATM) offering on January 18, 2024, for up to $75 million in Preferred Shares and $75 million in Class A Shares on the Toronto Stock Exchange (TSX). The offering will remain open until February 18, 2026, or until the full amount is raised. Shares will be sold at prevailing market prices.

RBC Dominion Securities Inc. is the sole agent for the offering, earning a 2.5% commission on sales.

Legal advisors include Osler, Hoskin & Harcourt LLP for the company and Stikeman Elliott LLP for RBC Dominion Securities Inc.

The company invests in the six largest Canadian banks and four major life insurers. Net proceeds will be used in line with its investment objectives.

This follows a $94 million Preferred Share offering in October 2023 and a $65.9 million offering in December 2023. The TSX has conditionally approved the listing.