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. Priced at C$1,000 per debenture, they bear interest payable semi-annually starting October 31, 2025. The Toronto Stock Exchange conditionally approved listing of the debentures under “ECN.DB.C” and the shares issuable upon conversion. Closing occurred on March 19, 2025.

The offering was led by CIBC Capital Markets, National Bank Financial Markets, BMO Capital Markets, and RBC Capital Markets, with additional underwriters Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp., and Cormark Securities Inc. Legal advisors were Blake, Cassels & Graydon LLP for ECN Capital and Osler, Hoskin & Harcourt LLP for the underwriters. Underwriters hold an over-allotment option of up to C$11.25 million exercisable within 30 days.

The debentures are convertible into common shares at C$3.77 per share, equivalent to about 265.2520 shares per C$1,000 principal, subject to adjustments. Net proceeds of approximately C$72 million (after deducting underwriters’ fees) will be used to redeem ECN’s 6.00% senior unsecured debentures due December 31, 2025. The redemption is scheduled for April 25, 2025, at par plus accrued interest, following required lender consents. The 2025 debentures, listed as ECN.DB, will be de-listed from the TSX upon redemption.