Power Financial Corp. announced Friday the successful completion and closing of an offering of 7 million Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series M, priced at $25 per share to raise gross proceeds of $175 million.

The issue was bought by an underwriting group led by BMO Capital Markets and Scotia Capital Inc. Following the successful sale of the initially announced 6 million Series M Shares, the underwriters exercised an option to purchase an additional 1 million Series M Shares.

The Series M Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol PWF.PR.M.

“Proceeds from the issue will be used to supplement Power Financial’s financial resources and for general corporate purposes,” the company said in a release.

Power Financial a diversified management and holding company. Its subsidiaries include life insurer Great-West Lifeco Inc. and mutual fund manager IGM Financial Inc.

IE