An anonymous director reports

MCAN FINANCIAL GROUP ANNOUNCES OVERNIGHT MARKETED OFFERING

MCAN Mortgage Corp., doing business as MCAN Financial Group, has launched an overnight marketed offering of common shares of the company for total gross proceeds of approximately $20-million. The offering is being conducted through a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Nesbitt Burns Inc.

The offering is expected to be priced in the context of the market at the time of entering into a definitive underwriting agreement between the company and the underwriters. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The company will grant the underwriters an overallotment option exercisable, in whole or in part, to purchase up to an additional $3-million of common shares at the price sold pursuant to the offering for up to 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any.

The corporation expects to use the net proceeds from the offering for its residential mortgage lending and residential construction lending business. The offering is expected to close on or around March 28, 2024, or such other date as agreed to between the company and the underwriters, and is subject to market and other customary conditions, including the approval of the Toronto Stock Exchange.

The offering will be made in each of the provinces and territories of Canada (except Quebec) pursuant to the company's short form base shelf prospectus dated Aug.14, 2023. A prospectus supplement will be filed in each of the provinces and territories of Canada. The offering may also be made in the United States on a private placement basis pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, and applicable state securities laws. The prospectus contains important detailed information about the company and the offering. Before you invest, you should read the prospectus and the other documents the company has filed for more complete information about the company and the offering. The base shelf prospectus is available and the prospectus supplement will be available under the company's profile on SEDAR+.

About MCAN Mortgage Corp.

MCAN Mortgage, doing business as MCAN Financial Group, 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). MCAN is the largest MIC in Canada and the only federally regulated MIC.

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