Dundee Corp. announced today that it has entered into an agreement to sell to a syndicate of underwriters led by Scotia Capital Inc., on a bought deal basis, 6 million 5% Cumulative Redeemable First Preference Shares, Series 1 at a price of $25 per share for gross proceeds of $150 million.

The underwriters also have an over-allotment option, exercisable at any time prior to 30 days after the closing date, to acquire an additional 900,000 Series 1 Shares at the issue price of $25 per share.

Dundee will use the net proceeds of this offering for general purposes, including for the redemption of the $150 million principal amount 6.7% senior unsecured debentures of Dundee Corp. The offering is expected to close on or about June 28.

The Series 1 Shares will be offered by way of a short form prospectus of in all provinces of Canada.

Dundee is primarily a holding company dedicated to wealth management, real estate and resources. Its domestic financial service activities are carried out through its 62% owned subsidiary, Dundee Wealth Management Inc., a company with approximately $48 billion in assets under management and administration, and its wholly owned subsidiary Dundee Wealth Bank.