Mr. Don Coulter reports

MCAN FINANCIAL GROUP ANNOUNCES CLOSING OF OVERNIGHT MARKETED OFFERING

MCAN Mortgage Corp., doing business as MCAN Financial Group, has closed its previously announced overnight marketed offering of common shares of the company. Pursuant to the offering, the company issued a total of 1,868,750 common shares at a price of $15.40 per common share for aggregate gross proceeds of $28,778,750, which includes the gross proceeds from the full exercise of the overallotment option granted to the underwriters.

The offering was co-led by Canaccord Genuity Corp. and BMO Nesbitt Burns Inc., on behalf of a syndicate of underwriters, including CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Raymond James Ltd., Desjardins Securities Inc. and iA Private Wealth Inc. Goodmans LLP acted as legal counsel to the Company and Blake Cassels & Graydon LLP acted as legal counsel to the underwriters.

The corporation expects to use the net proceeds from the offering for its residential mortgage lending and residential construction lending business.

"We are very pleased with the success of this offering," said Don Coulter, president and chief executive officer. "We were able to upsize the deal plus receive full exercise of the overallotment option. These proceeds will allow MCAN to continue growing its business as we have consistently done over many years."

The offering was made in each of the provinces and territories of Canada (except Quebec) pursuant to a prospectus supplement dated March 21, 2024, to the company's short form base shelf prospectus dated Aug. 14, 2023. The terms of the offering are described in the prospectus filed with Canadian securities regulators. Copies of the prospectus supplement and the base shelf prospectus are 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.

We seek Safe Harbor.