Life & Banc Split Corp. Renews At-The-Market Equity Program

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, Jan. 19, 2024 (GLOBE NEWSWIRE) -- (TSX: LBS, LBS.PR.A) Life & Banc Split Corp. (the “Fund”) is pleased to announce it has renewed its at-the-market equity program (“ATM Program”) so that the Fund can issue class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) to the public from time to time, at the Fund’s discretion. This ATM Program replaces the prior program established in June 2022 that has terminated. Any Class A Shares or Preferred Shares sold under the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated January 18, 2024 (the “Equity Distribution Agreement”) with RBC Capital Markets (the “Agent”).

Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated January 18, 2024 to the Fund’s short form base shelf prospectus dated January 18, 2024. The maximum gross proceeds from the issuance of the shares will be $75 million for each of the Class A and Preferred Shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.ca.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Fund’s sole discretion. The ATM Program will be effective until February 18, 2026, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Fund, subject to the investment restrictions of the Fund.