The company has been approved to make public offerings of up to $400 million in securities
MCAN Mortgage Corporation has received approval to make public offerings of up to $400 million in securities for a period exceeding two years.
The company said that it has filed and obtained a receipt for a final short form base shelf prospectus with the securities commissions of every Canadian province and territory. The preliminary prospectus was filed and receipted on Aug. 13.
“With the shelf prospectus, MCAN is now allowed to make public offerings of up to $400 million of common shares, preferred shares, debt securities, subscription receipts, warrants and units during the 25-month period that the shelf prospectus is effective,” the company said.
Read more: MCAN Mortgage Corporation releases Q2 results
MCAN said that the units may be offered separately or in unison, “in amounts, at prices and on terms to be determined based on market conditions at the time of sale, and set forth in an accompanying prospectus supplement.”
In the wake of strong second-quarter results, the company said that it filed the shelf prospectus to maintain its financial flexibility through “the ability to offer securities on an accelerated basis to fund current and future growth of the business.”
“The shelf prospectus allows us to access capital when needed to fund future growth,” said Karen Weaver, president and chief executive officer of MCAN. “The shelf prospectus also offers the flexibility for diversification and expansion of our funding sources in the near term as we look to evolve our capital markets and other funding strategies.”
