Mr. Don Coulter reports

MCAN FINANCIAL GROUP ANNOUNCES PRICING OF OVERNIGHT MARKETED OFFERING

MCAN Mortgage Corp., doing business as MCAN Financial Group, in connection with its previously announced overnight marked offering, has entered into an underwriting agreement with Canaccord Genuity Corp. and BMO Nesbitt Burns Inc. as joint book runners, for and on behalf of a syndicate of underwriters, to sell 1,625,000 common shares of the company at a price of $15.40 per common share for aggregate gross proceeds of $25-million.

The company has granted the underwriters an overallotment option exercisable, in whole or in part, to purchase up to an additional 243,750 common shares at the offering price for up to 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any.

"We are very excited about this offering," said Don Coulter, chief executive officer. "The offering will allow MCAN to continue growing its business as we have done consistently over many years. It also allows us to begin maturing our capital raising activities and expand our shareholder base."

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.

MCAN's primary objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction and commercial loans, as well as other types of securities, loans and real estate investments. MCAN employs leverage by issuing term deposits that are eligible for Canada Deposit Insurance Corp. deposit insurance. MCAN is investing in communities and homes for Canadians.

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