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   Name - MCAN Mortgage Corporation

    Website - http://www.mcanmortgage.com/

    Symbol - MKP.RT

    Expiry Date - July 5, 2007

     News Release

MCAN Mortgage rights offering

 

2007-05-24 18:17 MT - Rights Offering

TSX bulletin 2007-0707

 

Rights symbol:  MKP.RT

Rights Cusip No.:  579176 11 6

Shareholder entitlement:  One right for each common share held on the record date

Terms of the rights:  Eight rights and $10.50 per common share

Expiry time:  4 p.m. (Toronto time), July 5, 2007

Ex rights date:  May 28, 2007

Record date:  May 30, 2007

Designated market-maker:  Byron Securities Ltd.

 

Additional information on the rights offering may be found in the company's rights offering circular dated May 18, 2007, which will be available at www.sedar.com. Holders of common shares of MCAN Mortgage Corp. at the close (Toronto time) on Wednesday, May 30, 2007, who are residents in the provinces and territories of Canada, will be granted transferable rights to subscribe for and purchase additional common shares of the company. Each holder of common shares at the close on the record date is entitled to receive one right for each common share held. Eight rights entitle the holder thereof to purchase one common share at a price of $10.50 per share on or before 4 p.m. (Toronto time) on July 5, 2007.

Fractional common shares will not be issued. Where the exercise of rights would appear to entitle a holder of rights to fractional common shares, the holder's entitlement will be reduced to the next lowest whole number of common shares.

The common shares of the company will commence trading on an ex rights basis at the open on Monday, May 28, 2007, at which time the rights will be posted for trading on a when-issued basis. Rights are evidenced by fully transferable certificates, which will be issued in registered form. A rights certificate evidencing the total number of rights to which the holder is entitled, together with a copy of the rights offering circular, will be mailed to each holder of record of common shares as of the record date with an address of record in Canada.

The holder of a rights certificate may subscribe for all or any lesser number of common shares for which the rights certificate entitles the holder to subscribe by completing and executing Form 1 on the rights certificate and delivering the rights certificate, together with payment in full of the exercise price for those common shares subscribed for, to the subscription office. All payments, together with Form 1 duly completed on the rights certificates, must be received by the subscription agent at the subscription office at or before the expiry time on the expiry date.

Shareholders that hold their common shares through a CDS Clearing and Depository Services Inc. participant will not receive physical certificates evidencing their ownership of rights. On the record date, a global certificate representing such rights will be issued in registered form to, and in the name of, CDS or its nominee. The company expects that each beneficial shareholder will receive a confirmation of the number of rights issued to it from its CDS participant in accordance with the practices and procedures of that CDS participant. CDS will be responsible for establishing and maintaining book-entry accounts for its participants holding rights. Shareholders who hold their common shares through a CDS participant must arrange purchases or transfers of rights through their CDS participant. It is anticipated by the company that each such purchaser of a common share or right will receive a customer confirmation of issuance or purchase, as applicable, from the CDS participant through which such right is issued or such common share is purchased in accordance with the practices and policies of such CDS participant.

A holder of a rights certificate, who has fully exercised the rights evidenced by the rights certificate by subscribing for the maximum number of common shares to which that holder is entitled to subscribe pursuant to the initial subscription privilege, may subscribe for additional common shares, if available, at the subscription price per common share pursuant to the additional subscription privilege. Those additional common shares will be allotted from those of the common shares, if any, not issued pursuant to the initial subscription privilege. The holder will be entitled to that holder's pro rata share of additional common shares.

A rightsholder may subscribe for additional common shares by:

 

1. completing the Form 2 on the rights certificate entitled To Subscribe for Common Shares Pursuant to the Additional Subscription Privilege; and

2. delivering the rights certificate, together with payment for those additional common shares, to the subscription office at or before the expiry time on the expiry date.

 

In the event that payment for all of the additional common shares subscribed for pursuant to this additional subscription privilege does not accompany the subscription, the oversubscription will be invalid. None of the rights or common shares issuable upon the exercise of the rights are qualified or registered under the securities laws of jurisdictions other than Canada and no securities are being offered by the company for sale in any other jurisdiction. Therefore, rights certificates will only be delivered by the company to holders of common shares as of the record date who are not ineligible persons. Shareholders of record will be presumed to be resident in the place of their address of record, unless the contrary is established to the satisfaction of the company.

The circular discloses that there will be no soliciting dealer used in connection with the offering.

Trading and settlement rules

 

Trade dates                         Settlement dates
June 29, 2007                          July 4, 2007
July 3, 2007, and July 4, 2007        Cash next day
July 5, 2007                          Cash same day

1. All trades on June 29, 2007, will be for special settlement on July 4, 2007. These trades will appear on the CDS settlement report and will be recorded with a settlement date of July 4, 2007.

2. All trades on July 3, 2007, and July 4, 2007, will trade for cash settlement the following business day. Trades on July 5, 2007, from the open to noon will be for same-day cash settlement.

3. Selling participating organizations must have the rights that are being sold in their possession or owed to them through clearing prior to such sale.

4. Should fail positions exist on the expiry date, purchasing participating organizations have the option of paying for the rights purchased and demanding delivery of the securities into which the rights are exercisable. Reference should be made to Rule 5-303. Such demand shall be made before 4 p.m. on July 5, 2007. Investors should contact their brokers for information or advice on their investment.

MCAN Mortgage arranges rights offering

 

2007-05-18 14:48 MT - News Release

An anonymous director reports

MCAN MORTGAGE CORPORATION ANNOUNCES RIGHTS OFFERING

All applicable securities regulatory clearances have been obtained in order for MCAN Mortgage Corp. to file a circular for a rights offering to raise maximum proceeds of $16,379,800. Each holder of MCAN's common shares as of the close of business on May 30, 2007, will be issued one right for each common share held. Eight rights together with $10.50 will entitle a rightsholder to subscribe for one common share at or before 4 p.m. (Toronto time) on July 5, 2007. Rights not exercised at or before the expiry time will be void and will have no value. Rightsholders will be entitled to subscribe for additional common shares, if available, at the exercise price per share. It is anticipated that, on or about June 1, 2007, a rights offering circular will be mailed to each holder of common shares as of the close of business on the record date.

MCAN's directors and officers hold directly or indirectly 4,435,861 common shares. Certain of the directors and officers have indicated that they intend, subject to market conditions, to exercise directly or indirectly some or all of the rights they receive under the offering.

Rights will be evidenced by fully transferable certificates. The Toronto Stock Exchange has conditionally approved the posting of the rights for trading under the symbol MKP.RT and, subject to requisite filings, the rights will begin trading on a "when issued" basis on May 28, 2007, until 12 p.m. (Toronto time) on July 5, 2007. MCAN's common shares, which trade under the symbol MKP, will commence trading on an ex rights basis at the opening of trading on May 28, 2007.

The net proceeds of this offering (assuming all common shares are subscribed for and after payment of the estimated expenses of $110,000) will be approximately $16,269,800. MCAN intends to use the net proceeds to increase regulatory capital.