CALGARY,
AB and TORONTO,
May 8,
2023 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") announces that its principal regulator, the
Alberta Securities Commission (the "ASC"), has accepted the
Company's request for, and the ASC has granted, a management cease
trade order (the "MCTO").
As previously announced on April 24,
2023 and May 2, 2023, the
application for the MCTO was made by the Company due to a delay in
the preparation and filing of the Company's annual audited
financial statements for the financial year ended December 31, 2022, the accompanying management's
discussion and analysis and the related CEO and CFO certifications
(collectively, the "Annual Filings"), which were due
May 1, 2023.
The MCTO restricts all trading in securities of the Company,
whether direct or indirect, by the Co-Chief Executive Officers and
the Chief Financial Officer until such time as the Annual Filings
have been filed by the Company and the MCTO has been lifted. The
MCTO does not affect the ability of shareholders who are not
insiders of the Company to trade their securities. However, the
applicable Canadian securities regulatory authorities could
determine, in their discretion, that it would be appropriate to
issue a general cease trade order against the Company affecting
all of the securities of the Company. Until the Company has
filed the Annual Filings, 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.
The Company continues to work to complete the Annual Filings and
expects to file the Annual Filings by June
30, 2023, and will issue a news release once the Annual
Filings have been filed.
During the MCTO, the Company confirms that it will comply with
the provisions of the alternative information guidelines set out
in National Policy 12-203 respecting Management Cease Trade Orders
for as long as it remains in default, including the issuance of
bi-weekly default status reports, each of which will be issued in
the form of a news release. Further, if the Company provides any
information to any of its creditors during the period in which it
is in default of filing the Annual Financial Statements, the
Company confirms that it will also file material change reports on
SEDAR containing such information. The Company confirms that there
is no other material information concerning the affairs of the
Company that has not been generally disclosed as of the date of
this press release.
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.
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.