Life & Banc Split Corp. Announces Successful Preferred Share Offering

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

TORONTO, Oct. 18, 2023 (GLOBE NEWSWIRE) -- (TSX: LBS, LBS.PR.A) Life & Banc Split Banc Corp. (the “Company”) is pleased to announce a successful treasury offering of preferred shares (“Preferred Shares”). Gross proceeds of the offering are expected to be approximately $94 million. The offering is expected to close on or about October 31, 2023 and is subject to certain closing conditions. The Company has granted the Agents (as defined below) an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase additional Preferred Shares up to such number as is equal to 15% of the number of Preferred Shares issued at the closing of the offering.

The Preferred Shares were offered at a price of $9.60 per Preferred Share for a yield to maturity of 8.3%^.(1) The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Echelon Wealth Partners Inc., Manulife Securities Incorporated, Research Capital Corporation and Richardson Wealth Limited.

The Company invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Manulife Financial Corporation	Bank of Montreal
Sun Life Financial Inc.	The Toronto-Dominion Bank
iA Financial Corporation Inc.	National Bank of Canada
Royal Bank of Canada	The Bank of Nova Scotia
Great-West Lifeco Inc.	Canadian Imperial Bank of Commerce

About Brompton Funds

Founded in 2000, Brompton is an experienced investment fund manager with income focused investment solutions including exchange-traded funds (ETFs) and other Toronto Stock Exchange (“TSX”) traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email [e-mail] or visit our website at www.bromptongroup.com.