Rights Offering

Rights Offering

In order to support our continued growth, we announced on November 8, 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 November 15, 2021.

Pursuant to the Rights Offering, each shareholder will receive one Right for each common share held. Every 14 Rights plus $16.86 will entitle the holder to subscribe for one common share. The Company expects to raise gross proceeds of approximately $33.3 million and expects to close the Rights Offering during the second week of December.

Directors and senior officers, collectively holding approximately 1 million common shares, have indicated their intention to exercise some or all of their Rights, subject to market conditions. Ian Sutherland, a former director and major shareholder, who continues to hold a significant position in the Company, has indicated his intention to exercise some or all of his Rights, subject to market conditions.  As well, the KingSett Canadian Real Estate Income Fund, a significant shareholder, has indicated its current intention to exercise some or all of its Rights, subject to market conditions.

The Rights will trade on the Toronto Stock Exchange under the symbol MKP.RT commencing on November 12, 2021 and will cease trading at 12:00 p.m. (Toronto time) on December 8, 2021. Rights are exercisable until 5:00 p.m. (Toronto time) on December 8, 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 $590.10. This would entitle you to 35 common shares (500 divided by 14) on subscription. In order to subscribe for the 35 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 Notice and Circular linked below and posted on SEDAR.

Link: Press Release

Link: Notice

Link: Circular