June 12, 2017 / 12:43 PM / 3 months ago

BRIEF-Versabank announces preferred share offering

June 12 (Reuters) - Versabank:

* Versabank announces preferred share offering

* Obtained a receipt from securities regulatory authorities in each of provinces of Canada

* Net proceeds of offering are expected to qualify as Tier 1 capital of bank

* Receipt for preliminary short form prospectus for offering of up to $30 million of non-cumulative 5-year rate reset preferred shares, series 5

* The $30 million of non-cumulative 5-year rate reset preferred shares, series 5 is at a price of $10.00 per share

* About $10 million of net proceeds of offering to be used for repayment of certain subordinated indebtedness, subject to regulatory approval Source text for Eikon: Further company coverage:

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