Bank of Nova Scotia today announced that as a result of strong investor demand for its domestic public offering of non-cumulative five-year rate reset preferred shares Series 22 the size of the offering has been increased to 12 million shares. The gross proceeds of the offering will now be $300 million.

The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. Closing is expected to occur on September 9.

Scotiabank says this domestic public offering is part of its ongoing and proactive management of its Tier 1 capital structure.