CALGARY,
AB and TORONTO,
July 4,
2023 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") announces that the Alberta Securities Commission
(the "ASC") has issued a cease trade order against the
Company for the Company's failure to file its audited annual
financial statements, accompanying management discussion and
analysis, and certifications for the financial year ended
December 31, 2022, and the
corresponding interim financial statements, management discussion
and analysis, and certifications for the period ended March 31, 2023. As previously announced, the
Company has experienced unexpected delays in the preparation
of its annual filings, which were due May 1, 2023.
The cease trade order prohibits the trading or purchase by any
person or company of any securities of Magnetic North in each
jurisdiction in Canada in which
the Company is a reporting issuer for as long as the cease trade
order remains in effect; however, the cease trade order provides an
exception for beneficial securityholders of the Company who are not
currently (and who were not as of July 4,
2023) insiders or control persons of the Company may sell
securities of the Company if both of the following criteria are
met: (a) the sale is made through a foreign organized regulated
market, as defined in Section 1.1 of the universal market integrity
rules of the Investment Industry Regulatory Organization of
Canada; and (b) the sale is made
through an investment dealer registered in a jurisdiction of
Canada in accordance with
applicable securities legislation. The cease trade order revokes
the management cease trade order previously issued by the ASC and
will remain in place until such time as the required filings have
been filed, following which the Company expects that the ASC will
revoke the cease trade order.
The Company also confirms, as of the date of this news release,
that there is no other material information concerning the affairs
of the Company that has not been generally disclosed.
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.