Magnetic North Acquisition Corp. Announces Non-Brokered Private Placement of Up to $1 Million
11 Avril 2022 - 1:59PM
Magnetic North Acquisition Corp. (TSXV: MNC)
(“
Magnetic North” or the
“
Company”) is pleased to announce a planned
non-brokered private placement (the “
Financing”)
for gross proceeds of up to approximately $1,000,008.00 CAD.
The Financing consists of up to 105,264 Units at
$9.50 per Unit. Each Unit is comprised of one Series A Preferred
Share (“Series A Preferred Shares”) and one
Series A Preferred Share purchase warrant
(“Warrant”) for gross proceeds of up to
$1,000,008.00 CAD.
Each Warrant will entitle the holder thereof to
purchase one additional Series A Preferred Share at a price of
$10.00 per share during the period ending on the fifth anniversary
of the closing date of the Financing. The Warrants will have an
acceleration provision whereby, in the event the 10 day weighted
average trading price of the Series A Preferred Shares on the TSX
Venture Exchange (“TSXV”) (or such other stock
exchange on which the Series A Preferred Shares may then be listed
and posted for trading) exceeds $20.00 at any time, the Corporation
will have the right to accelerate the expiry date of the Warrants
to 30 days from the date of issuance of a news release of the
Company announcing the accelerated exercise period.
The Company also announces that it has completed
its previous private placement offering of Units which was
announced on November 18, 2021 and, as announced on December 6,
2021, the Company issued a total of 105,264 Units at a price of
$9.50 per Unit for gross proceeds of $1,000,008.00 CAD under the
previous private placement.
The Series A Preferred Shares are listed on the
TSXV and trade under the symbol “MNC.PR.A”. The Warrants will not
be listed on the TSXV. The Financing is subject to the acceptance
of the TSXV.
The Series A Preferred Shares will be offered in
Canadian jurisdictions to "accredited investors" pursuant to the
exemption from the prospectus requirement under Section 2.3 of
National Instrument 45-106 – Prospectus Exemptions and other
exemptions from the prospectus requirements as determined by the
Company. Completion of the Financing will be subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory approvals including the approval of the TSX
Venture Exchange. In connection with the Financing, Magnetic North
may pay finder's fees to eligible placement agents.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages businesses on
behalf of its shareholders and believes that capital alone does not
always lead to success. With offices in Calgary and Toronto, our
experienced management team applies its considerable management,
operations and capital markets expertise to ensure its investee
companies are as successful as possible for shareholders. Magnetic
North common shares and preferred shares trade on the TSX Venture
Exchange under the stock symbol MNC and MNC.PR.A, respectively. The
TSX Venture announced that Magnetic North is a “2021 TSX Venture
50” recipient. 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
Dick |
|
Stephen
McCormick |
Investor Relations |
|
VP, Capital Markets |
403-451-0939 |
|
403-451-0939 |
graeme@colwellcapital.com |
|
stephen@magneticnac.com |
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this news release.
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 forward-looking information in this news release
includes the Company’s expected completion and timing of its
proposed Financing.
The Company has made certain material
assumptions, including but not limited to: prevailing market
conditions; general business, economic, competitive, political and
social uncertainties; and the ability of the Company to execute and
achieve its business objectives 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.
Actual results may vary from the forward-looking
information in this news release due to certain material risk
factors. These risk factors include but are not limited to: adverse
market conditions; reliance on key and qualified personnel; and
regulatory and other risks associated with the industries in which
the Company's portfolio companies operate, in general. The Company
cautions that the foregoing list of material risk factors and
assumptions is not exhaustive.
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.
Magnetic North Aquisition (TSXV:MNC)
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