/NOT FOR DISTRIBUTION OR DISSEMINATION INTO
THE UNITED STATES OR THROUGH U.S.
NEWSWIRE SERVICES/
TORONTO, March 28,
2024 /CNW/ - MCAN Mortgage Corporation d/b/a
MCAN Financial Group ("MCAN", the "Company" or
"we") (TSX: MKP) today announced the closing of its
previously announced overnight marketed offering (the
"Offering") of common shares (the "Common Shares") of
the Company. Pursuant to the Offering, the Company issued a total
of 1,868,750 Common Shares at a price of $15.40 per Common Share for aggregate gross
proceeds of $28,778,750, which
includes the gross proceeds from the full exercise of the
over-allotment option granted to the Underwriters.
The Offering was co-led by Canaccord Genuity Corp. and BMO
Nesbitt Burns Inc., on behalf of a syndicate of underwriters
including CIBC World Markets Inc., National Bank Financial Inc.,
RBC Dominion Securities Inc., Scotia Capital Inc., Raymond James
Ltd., Desjardins Securities Inc. and iA Private Wealth Inc.
(collectively, the "Underwriters"). Goodmans LLP acted as
legal counsel to the Company and Blake, Cassels & Graydon LLP
acted as legal counsel to the Underwriters.
The Corporation expects to use the net proceeds from the
Offering for its residential mortgage lending and residential
construction lending business.
"We are very pleased with the success of this offering," said
Don Coulter, President and Chief
Executive Officer. "We were able to upsize the deal plus
receive full exercise of the over-allotment option. These
proceeds will allow MCAN to continue growing its business as we
have consistently done over many years."
The Offering was made in each of the provinces and territories
of Canada (except Québec) pursuant
to a prospectus supplement dated March 21,
2024 (the "Prospectus Supplement") to the Company's
short form base shelf prospectus dated August 14, 2023 (the "Base Shelf
Prospectus", and together with the Prospectus Supplement, the
"Prospectus"). The terms of the Offering are described in
the Prospectus filed with Canadian securities regulators. Copies of
the Prospectus Supplement and the Base Shelf Prospectus are
available under the Company's profile on SEDAR+ at
www.sedarplus.ca.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
Common Shares in any jurisdiction in which such offer, solicitation
or sale would be unlawful. Further, this news release does not
constitute an offer to sell, or the solicitation of an offer to
buy, in the United States and the
Common Shares referred to in this news release may not be offered
or sold in the United States
absent registration under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act") or pursuant to an
applicable exemption from the registration requirements under the
U.S. Securities Act and applicable state securities laws.
About MCAN
MCAN Mortgage Corporation d/b/a MCAN Financial Group is a
public company listed on the Toronto Stock Exchange under the
symbol MKP and is a reporting issuer in all provinces and
territories in Canada. MCAN also
qualifies as a Mortgage Investment Corporation ("MIC") under the
Income Tax Act (Canada).
MCAN is the largest MIC in Canada
and the only federally regulated MIC.
MCAN's primary objective is to generate a reliable stream of
income by investing in a diversified portfolio of Canadian
mortgages, including residential mortgages, residential
construction, non-residential construction and commercial loans, as
well as other types of securities, loans, and real estate
investments. MCAN employs leverage by issuing term deposits that
are eligible for Canada Deposit Insurance Corporation deposit
insurance. MCAN is Investing in Communities and Homes for
Canadians.
A Caution About Forward–Looking Information and Statements
This news release contains "forward–looking information" within
the meaning of applicable securities laws. Forward–looking
information can be identified by words such as: "expect", "intend,"
"plan," "seek," "believe," "estimate," "future," "likely,"
"may," "should," "will" and similar forward–looking language.
Forward-looking information contained in this news release includes
statements relating to MCAN's expected use of the net proceeds of
the Offering. Forward–looking information entails various risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in such forward–looking
information, including, but not limited to, risks as discussed
under "Risk Factors" in the Prospectus and risks as discussed under
"Risk Factors" in the Company's most recent annual information form
available under the Company's profile on SEDAR+ at
www.sedarplus.ca. In addition, general risks relating to
capital markets, economic conditions, regulatory changes, as well
as the operations of our business may also cause actual results to
differ materially from those expressed or implied in such
forward–looking information. Forward–looking information is not a
guarantee of future performance, and management's assumptions upon
which such forward–looking information is based may prove to be
incorrect. Investors are cautioned not to place undue reliance on
any forward–looking information contained herein. The Company
disclaims any obligation to update or revise any forward–looking
information contained in this news release, whether as a result of
new information, future events or otherwise, except to the extent
required by law.
SOURCE MCAN Mortgage Corporation
