CALGARY,
AB and TORONTO,
Nov. 26,
2024 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") is pleased to announce that the TSX Venture
Exchange (the "TSXV") has approved its application for
reinstatement of trading of the Company's common shares and
preferred shares on the TSXV. The TSXV suspended trading in the
common shares and preferred shares as a result of a Cease Trade
Order (the "CTO") issued by the Alberta Securities
Commission on July 12, 2024.
The CTO was revoked on October 21,
2024. The Company expects trading to resume shortly and will
issue a further news release announcing the effective date.
The Company also announces a correction to its 2023 audited
financial statements and Q1and Q2 condensed interim financial
statements. In a press release dated November 29, 2023, the
Company announced that, in connection with certain
financing transactions, subject to the approval of the TSX Venture
Exchange, the Company would grant an aggregate of 550,000 warrants
("Warrants") as consideration for the financing
transactions. Each Warrant entitled the holder to purchase one
Series A preferred share in the capital of the Company at an
exercise price equal to $7.50 per
share until November 25, 2024. The
Warrants have expired and are void and of no further value.
In the Company's audited 2023 financial statements and Q1and Q2
2024 condensed interim financial statements and the related
MD&A these 550,000 Warrants were disclosed as having a term of
24 months from the date of issuance. This misstatement will be
corrected in the Company's Q3 condensed interim financial
statements and MD&A. The misstatement of the term related to
the 550,000 Warrants did not have a material impact on the results
of operations reported in the Company's 2023 audited financial
statements nor in its Q1 and Q2 2024 condensed interim financial
statements.
The Company plans to raise capital to allow it to focus on
meeting its working capital deficiency and invest in future growth.
The Company is in the process of talking to investors and
anticipates that it will be raising capital in the near future.
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. Magnetic North is a TSX
Venture "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.sedarplus.ca.
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. 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.
SOURCE Magnetic North Acquisition Corp.