MNC Magnetic North Aquisition Corp

Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce that the Board of Directors has approved a quarterly dividend (the “dividend”) on the Company's preferred shares of $0.125 per share (or $0.50 per share on an annualized basis). The dividend will be paid May 25th, 2020 to holders of record on March 31st, 2020.

Magnetic North's dividend on its preferred shares is designated to be an eligible dividend for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages capital on behalf of its shareholders and believes that capital alone does not always lead to success when making investments in portfolio companies. With offices in Calgary and Toronto, our experienced management team applies its considerable capital markets and management expertise to ensure portfolio companies are as successful as possible for shareholders. Magnetic North shares trade on the TSX Venture Exchange under the stock symbol MNC. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.

For further information, please contact:

Graeme DickInvestor Relations403-561-8989graeme@colwellcapital.com

Kevin SpallCo-CEOkevin@magneticnac.com

Andrew OsisCo-CEOandrew@magneticnac.com

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.

The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the completion of the proposed financing; and the ability of the Company to execute and achieve its business objectives after the closing of the Transaction, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.