Vancouver investment firm Canaccord Capital Inc. (TSX:CCI) plans to raise up to $69 million by selling up to 6.7 million shares.
The bought deal financing is being underwritten by Genuine Capital Markets, Canaccord Capital Corp. and CIBC World Markets Inc.
Canaccord reported it is raising the capital for business development and general corporate purposes. The financing deal follows company plans to buy back up to $138 million of non-bank asset-backed commercial paper (ABCP) from its clients.
On April 9, the company proposed buying back ABCPs from clients holding less than $1 million, which includes up to 1,430 clients and $138 million in investments. Canaccord's share price range during the past week: Between $10.35 and $11.28; 52-week high: $25.92; 52-week low: $8.60.