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MCAN Financial Group Announces Pricing of Overnight Marketed Offering
MCAN Financial Group Announces Pricing of Overnight Marketed Offering Canada NewsWire ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Financial Group Announces Pricing of 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 \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 19, 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 \"\n \n we\n \n \") (TSX: MKP) today announced that, in connection with its previously announced overnight marked offering, it has entered into an underwriting agreement with Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. as joint bookrunners, for and on behalf of a syndicate of underwriters (collectively, the \"\n \n Underwriters\n \n \") to sell 1,625,000 common shares (the \"\n \n Common Shares\n \n \") of the Company at a price of\n \n C$15.40\n \n per Common Share (the \"\n \n Offering Price\n \n \") for aggregate gross proceeds of $25 million (the \"\n \n Offering\n \n \").\n \n \n The Company has granted the Underwriters an over-allotment option exercisable, in whole or in part, to purchase up to an additional 243,750 Common Shares at the Offering Price for up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.\n \n \n \"We are very excited about this Offering\", said\n \n Don Coulter\n \n , Chief Executive Officer. \"The Offering will allow MCAN to continue growing its business as we have done consistently over many years. It also allows us to begin maturing our capital raising activities and expand our shareholder base.\"\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\n \n \n ,\n \n 2024, or such other date as agreed to between the Company and the Underwriters, and is subject to market and other customary cond...