The company files a preliminary base shelf prospectus for the sale of securities and shares
MCAN Mortgage Corporation has announced that through Canada’s various securities commissions, it has filed and obtained a receipt for a preliminary base shelf prospectus for $400 million in securities.
“The securities may be offered separately or together, 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,” MCAN said.
MCAN said that upon approval of the prospectus, it will be allowed to make public offerings of up to $400 million of common shares, preferred shares, debt securities, subscription receipts, warrants and units over a 25-month period.
Read more: MCAN Mortgage Corporation releases Q2 results
The company said that it filed the shelf prospectus to boost its financial flexibility, particularly through “the ability to offer securities on an accelerated basis to fund current and future growth of the business.”
“MCAN continues to grow its business as evidenced by an increase in our corporate assets of 17% year to date," said Karen Weaver, president and chief executive officer of MCAN. “The shelf prospectus allows us to access capital when needed to fund future growth. 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.”
