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MCAN Mortgage Corporation Announces $33 Million Rights Offering
MCAN Mortgage Corporation Announces $33 Million Rights Offering Canada NewsWire...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n \n \n \n MCAN Mortgage Corporation Announces $33 Million 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 Nov. 8, 2021\n \n /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") (TSX: \"MKP\") today announced that it is offering rights (the \"Rights Offering\") to eligible holders of its common shares (the \"Common Shares\") of record at the close of business on November 15, 2021 (the \"Record Date\").\n \n \n \n \n \n \n \n \n \n Pursuant to the Rights Offering, each holder of Common Shares will receive one right (a \"Right\") for each Common Share held.  Every 14 Rights will entitle the holder to subscribe for one whole Common Share of the Company at a price of\n \n $16\n \n .86 per Common Share (the \"Subscription Price\").\n \n \n MCAN expects to raise gross proceeds of approximately $33.3 million from the Rights Offering and intends to use all of the proceeds less offering expenses to fund the Company's mortgage lending and investment business.  The Company expects the Rights Offering to close during the second week of December.\n \n \n \"As MCAN continues to show solid growth, we require capital in order to fund our core business,\" said\n \n Karen Weaver\n \n , President and Chief Executive Officer. \"Year to date growth in our corporate assets to\n \n September 30, 2021\n \n was 30%.  For the third year in a row, we will grow our corporate assets above our 10% target and we look forward to further growth of our core business into 2022.  In order to take advantage of the tax benefits of a Mortgage Investment Corporation (\"MIC\") status, we pay out all of MCAN's non-consolidated taxable income to shareholders through dividends.  As a MIC, we are e...