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MCAN Financial Group Announces Overnight Marketed Offering
MCAN Financial Group Announces Overnight Marketed Offering Canada NewsWire /N...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Financial Group Announces Overnight Marketed 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.prntaj{\nTEXT-ALIGN: JUSTIFY\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 March 18, 2024\n \n \n /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group (\"\n \n MCAN\n \n \", the \"\n \n Company\n \n \" or \"we\") (TSX: MKP) today announced the launch of an overnight marketed offering (the \"\n \n Offering\n \n \") of common shares (the \"\n \n Common Shares\n \n \") of the Company for total gross proceeds of approximately\n \n $20 million\n \n . The Offering is being conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. (collectively, the \"\n \n Underwriters\n \n \").\n \n \n The Offering is expected to be priced in the context of the market at the time of entering into a definitive underwriting agreement between the Company and the Underwriters. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The Company will grant the Underwriters an over-allotment option exercisable, in whole or in part, to purchase up to an additional\n \n $3 million\n \n of Common Shares at the price sold pursuant to the Offering for up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any (the \"\n \n Over-Allotment Option\n \n \").\n \n \n The Corporation expects to use the net proceeds from the Offering for its residential mortgage lending and residential construction lending business. The Offering is expected to close on or around\n \n March 28, 2024\n \n , or such other date as agreed to between the Company and the Underwriters, and is subject to market and other customary conditions, including the approval of the Toronto Stock Exchange.\n \n \n The Offering will be made in each of ...