04:24 PM EDT, 03/18/2024 (MT Newswires) -- MCAN Mortgage ( MAMTF ) on Monday said it will seek up to C$20 million in an overnight marketed share offering.

The company said the price and number of shares in the offering will be set when it reaches a final contract with the underwriting syndicate handling the sale. It plans to grant the syndicate a C$3-million over-allotment option.

"The corporation expects to use the net proceeds from the offering for its residential mortgage lending and residential construction lending business," it said in a release.

MCAN shares closed down C$0.09 to C$16.21 on the Toronto Stock Exchange.