October 06, 2021

MCAN Mortgage Corporation Supplement ATM and Rights Offering

Goodmans LLP acted for MCAN Mortgage Corporation in connection with its supplement at-the-market equity program (“ATM Program”) and rights offering.

The ATM Program allows the Company to issue up to $30,000,000 (the "Maximum Amount") of common shares ("Common Shares") from treasury to the public from time to time.

A $33,000,000 rights offering was subsequently made eligible to holders of MCAN’s common shares of record on November 15, 2021. Pursuant to the rights offering, each holder of common shares received on right for each common share held. Every 14 rights entitled the holder to subscribe for one whole common share of the company at a price of $16.86 per common share.

MCAN is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a mortgage investment corporation ("MIC") under the Income Tax Act (Canada) (the "Tax Act").

"Goodmans has deep experience in capital markets and in the REIT space. Their service and responsiveness levels are also very high." — Chambers Canada
Goodmans LLP houses a full-service capital markets practice... Among its core strong suits, the group is arguably best known for its strength in SPACs, REITs and IPOs... — The Legal 500 Canada
"The team is very professional, solves problems efficiently and is very hard-working. It is a great pleasure and privilege to work with the team on cross-border transactions and multi-jurisdictional projects." — Legal 500 Canada
"It is one of our trusted and preferred legal firms when we go to select specific counsel. It is a leader in capital markets, and we trust the group's view and know that it works well." — Chambers Canada
A prominent player in REITs and SPAC-related offerings, also bearing an impressive record in cross-border and cannabis-related matters. — The Legal 500 Canada
Clients note, "They have an exceptional ability to understand the root of the issue and figure out realistic, step-by-step approaches to solve problems." — Chambers Canada
A distinguished practice valued for advising major REITs and financial institutions on innovative capital markets transactions. — Chambers Canada
On the Capital Markets group, one client says, "deep strength and expertise at all levels...nothing can replace stability and the fact that I have worked with Goodmans on both sides of the table since the early 2000’s." — Legal 500 Canada
One interviewee reported, "The Goodmans team as a whole is excellent," adding: "The lawyers are very responsive and get the job done. It is of great assurance to have them as our legal advisers." — Chambers Canada
Clients comment Goodmans Capital Markets team has "Deep experience, based upon decades of leadership in the sector." — IFLR1000
A client notes, "The lawyers that I have worked with at Goodmans are extremely professional, knowledgeable, creative and excellent service providers. The matters that we have worked on were extremely complicated and required high level of ability to combine understanding of our business objectives with legal analysis." — IFLR1000
Clients note the team's "institutional knowledge is very deep" and stated: "It's like they're part of the team they work with. They're extremely responsive." — Chambers Global

Practices

Industries

MCAN Mortgage Corporation Supplement ATM and Rights Offering

Site Search

MCAN Mortgage Corporation Supplement ATM and Rights Offering

Expertise

Capital Markets

Featured Work

Minto Apartment REIT announces going-private transaction with Crestpoint and Minto Group

Dream Industrial REIT forms joint venture with CPP Investments

Doman Building Materials Group completes reopening of C$170 million senior notes

Brookfield Corporation completes C$250 million preferred share offering

Algoma Steel secures C$500 million in government financing facilities

Brookfield Infrastructure Corporation announces at-the-market equity issuance program