Rights Offering

Rights Offering

In order to support our continued growth, we announced on May 5, 2021, that we will be offering rights (the “Rights Offering”) to eligible holders of the Company’s common shares of record at the close of business on May 12, 2021. Pursuant to the Rights Offering, each shareholder will receive one Right for each common share held. Every 20 Rights plus $15.65 will entitle the holder to subscribe for one common share. The Company expects to raise gross proceeds of approximately $20.4 million. The expected closing date of the Rights Offering is June 10, 2021.

Directors and senior officers, collectively holding approximately 4.4 million common shares (including major shareholder Ian Sutherland), have indicated their intention to exercise some or all of their Rights, subject to market conditions. As well, KingSett Canadian Real Estate Income Fund, an institutional shareholder with a significant position in the Company’s common shares, has indicated its intention to exercise all of its Rights, subject to market conditions.

The Rights will trade on the Toronto Stock Exchange under the symbol MKP.RT commencing on May 11, 2021, and will cease trading at 12:00 p.m. (Toronto time) on June 7, 2021. Rights are exercisable until 5:00 p.m. (Toronto time) on June 7, 2021. The Rights Offering includes an additional subscription privilege under which eligible holders who fully exercise their Rights will be entitled to subscribe for additional common shares, if available, that are not otherwise subscribed for in the Rights Offering.

Example of Subscription

If you owned 500 common shares of MCAN, you would receive 500 Rights. Assuming you wanted to fully subscribe for common shares under the Rights Offering, you would exercise your rights and submit a payment of $391.25. This would entitle you to 25 common shares (500 divided by 20) on subscription. In order to subscribe for the 25 common shares, you would fill out the appropriate form or instruct the appropriate broker/dealer.


For more information about the Rights Offering, please see our Rights Offering Press Release, Notice, and Circular linked below and posted on SEDAR.

Press Release