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 The CTO was revoked on October 21, 2024.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 . Magnetic North's securities filings can also be accessed at .
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 .
SOURCE Magnetic North Acquisition Corp.
