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MCAN FINANCIAL GROUP ANNOUNCES CLOSING OF RIGHTS OFFERING
MCAN FINANCIAL GROUP ANNOUNCES CLOSING OF RIGHTS OFFERING Canada NewsWire /NO...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN FINANCIAL GROUP ANNOUNCES CLOSING OF RIGHTS OFFERING\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION OR DISSEMINATION INTO\n \n THE UNITED STATES\n \n OR THROUGH U.S. NEWSWIRE SERVICES/\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 23, 2022\n \n \n /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group (\"MCAN\", the \"Company\" or \"we\") (TSX: MKP) today announced the successful completion of its previously announced rights offering (the \"Rights Offering\") to eligible holders of its common shares (the \"Common Shares\") which expired at\n \n 5:00 p.m.\n \n (\n \n Toronto\n \n time) on\n \n December 20, 2022\n \n (the \"Expiry Date\"). The Rights Offering was oversubscribed by 1.75 times\n \n .\n \n \n \n \n \n \n \n \n \n \n Upon closing of the Rights Offering, MCAN issued 2,450,407 Common Shares at a price of\n \n $14.00\n \n per Common Share for aggregate gross proceeds of\n \n $34.3 million\n \n (1,826,553 Common Shares were issued under the basic subscription privilege and 623,854 Common Shares were issued under the additional subscription privilege). Pursuant to the terms of the Rights Offering, each eligible shareholder was entitled to subscribe for one Common Share for every 13 rights (the \"Rights\") held by such shareholder.\n \n \n Following the completion of the Rights Offering, MCAN has 34,305,704 Common Shares issued and outstanding. The Rights were halted from trading on the Toronto Stock Exchange as of\n \n 12:00 p.m.\n \n (\n \n Toronto\n \n time) on the Expiry Date.\n \n \n MCAN intends to use all of the proceeds less offering expenses to fund the Company's mortgage lending and investment business.\n \n \n \"We are very pleased with our capital raise.  The proceeds of this Rights Offering increases our asset capacity, which we will use to take advantage of accretive opportunities that we see in our construction and residential mortgage lending business and investment business, in line with our...