Magnetic North Acquisition Corp. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
27 Avril 2022 - 1:00AM
Magnetic North Acquisition Corp. (TSXV: MNC;
MNC.PR.A) (“
Magnetic North” or the
“
Company”) announces that it has not met the
filing date for filing of the following continuous disclosure
documents (collectively, the “
Documents”):
- the Company’s
Annual Audited Financial Statements for the year ended December 31,
2021, as required by section 4.2 of National Instrument 51-102 -
Continuous Disclosure Obligations (“NI 51-102”);
and
- the Company’s
Management Discussion & Analysis for the year ended December
31, 2021, as required by section 5.1(2) of NI 51-102.
The default is due to: (i) the additional amount
of work required by the Company’s auditors for its first audit of
the Company; (ii) resource shortages generally within the
accounting profession and specifically within the audit function
of accounting firms resulting in a delay in the Company appointing
a new auditor; and (iii) business and administrative disruption
experienced by MNAC in respect of its personnel.
Accordingly, the Company has applied to the
Alberta Securities Commission for a Management Cease Trade Order
that will prohibit the management of the Company from trading in
the securities of the Company until such time as the Documents are
filed. No decision has yet been made by the Alberta Securities
Commission on this application. The Alberta Securities Commission
may grant the application and issue the Management Cease Trade
Order or it may impose an issuer cease trade order if the Documents
are not filed in a timely fashion.
During the period of default and until filing of
the Documents, the Company intends to satisfy the provisions of the
alternative information guidelines as required by National Policy
12-203 – Management Cease Trade Orders. Until the Company has filed
the Documents, members of the Company’s management and other
insiders are subject to an insider trading black-out policy as per
its internal Insider Trading Policy that is consistent with the
principles in Section 9 of National Policy 11-207 - Failure-to-File
Cease Trade Orders and Revocations in Multiple Jurisdictions. The
Company confirms that, other than as disclosed in prior press
releases and material change reports, there have been no material
business developments since the filing on November 29, 2021 of the
Company’s latest interim financial reports for the period ended
September 30, 2021.
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 recently 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
Certain statements in this news release are
“forward-looking statements”, which reflect current expectations
of the management of Magnetic North regarding future events or
Magnetic North's future performance. All statements other than
statements of historical fact contained in this news release may
be forward-looking statements. In particular, forward-looking
information and statements herein include, but are not limited to,
the filing of the Documents, including the timing for the filing of
the Documents and the issuance of a Management Cease Trade Order in
respect of the Company. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in the forward-looking statements. Magnetic North
believes that the expectations reflected in such forward-looking
statements are reasonable, but no assurance can be given that
these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. The
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. The forward-looking
statements are made as of the date of this news release and
Magnetic North assumes no obligation to update or revise them to
reflect new events or circumstances, except as expressly required
by applicable securities law. Further information regarding risks
and uncertainties relating to Magnetic North and its securities
can be found in the disclosure documents filed by Magnetic North
with the securities regulatory authorities, available at
www.sedar.com.
Magnetic North Aquisition (TSXV:MNC)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Magnetic North Aquisition (TSXV:MNC)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024