Canaccord Capital Inc. reports that it will raise up to $69 million in a bought deal financing.

The firm, which last week unveiled a deal to make whole most of its clients that bought now-frozen asset-backed commercial paper, said it has entered into an agreement for a bought deal financing with a syndicate of underwriters led by Genuity Capital Markets, Canaccord Capital Corp. and CIBC World Markets Inc. and including Macquarie Capital Markets Canada Ltd., TD Securities Inc. and Thomas Weisel Partners Canada Inc.

Under the terms of the offering, Canaccord will issue 5,855,000 common shares at a price of $10.25 per share for gross proceeds of $60,013,750. The underwriters have the option to purchase up to an additional 878,250 shares at the issue price at any time prior to 30 days following the closing date, for additional gross proceeds of up to $9,002,062.50. The net proceeds of the offering will be used for business development and general corporate purposes.

The shares to be issued under the offering will be offered by way of a short-form prospectus in all provinces of Canada and on a private placement basis in the U.S. and UK. The offering is scheduled to close on or about April 30.