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MCAN Mortgage Corporation Announces Closing of Rights Offering
MCAN Mortgage Corporation Announces Closing of Rights Offering Canada NewsWire ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Mortgage Corporation 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 TORONTO\n \n ,\n \n June 10, 2021\n \n /CNW/ - MCAN Mortgage Corporation (\"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 June 7, 2021\n \n (the \"Expiry Date\").\n \n \n \n \n \n \n \n \n \n Upon closing of the Rights Offering, MCAN issued 1,306,467 Common Shares at a price of\n \n $15.65\n \n per Common Share for aggregate gross proceeds of\n \n $20.4 million\n \n . Pursuant to the terms of the Rights Offering, each eligible shareholder was entitled to subscribe for one Common Share for every 20 rights (the \"Rights\") held by such shareholder.\n \n \n Pursuant to the Rights Offering, MCAN issued 1,191,560 Common Shares under the basic subscription privilege and 114,907 Common Shares under the additional subscription privilege. The Rights Offering was oversubscribed by 2.96 times. Following the completion of the Rights Offering, MCAN has 27,466,697 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 first since 2015. The capital raise reflects our commitment to growth, in line with our risk appetite,\" said\n \n Karen Weaver\n \n , President and Chief Executive Officer. \"It also demonstrates continued strong support from our existing shareholders. We are focused on sustainable growth, reliabl...