E-mail: info@magneticnac.com
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR RELEASE
PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY,
IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAWS/
CALGARY,
AB and TORONTO,
Oct. 11,
2023 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") is pleased to announce Shahid Qureshi has joined the Board of
Directors.
Shahid is a certified Board Director from ICD Canada with over
25 years of experience in finance, cyber security, governance, and
risk management. Shahid is currently the Chief Executive Officer of
Leverage Global Inc. and holds senior governance roles with the
Federal Government. Shahid was a risk advisory leader with KPMG
Canada and helped Fortune 500 companies with optimizing their
strategic, technological, financial, operational, and
transformational goals. Shahid has more than two decades of
international experience as a Board Director and sits on audit,
risk, investment, and governance committees across the globe.
Shahid has extensive international experience as a business
leader and has helped organizations succeed in Canada, Asia,
Middle East, Far East,
Europe, United States of America, United Kingdom, Caribbean, and Africa. Shahid is a Chartered Professional
Accountant, a fellow of Chartered Certified Accountants, a
certified Internal Auditor, a certified Cost and Management
Accountant, a Certified Information Systems Auditor and holds a
master's degree in economics.
Shahid's recent leadership roles include being the Chair of ACCA
Canada, Chair of Calgary Parking Authority, Board Director of FFCA,
Vice Chair of CCIS, Board of Governors of IIA Calgary, Audit
Committee member of City of
Calgary, Board Director of EASC, Board Chair of Calgary
Chapter of CPA's, President of ISACA Calgary, and member Advisory
Committee of Auditing & Assurance Standards Board.
Magnetic North is also pleased to announce a grant of stock
options (the "Options") in accordance with the terms and conditions
of the Company's Stock Option Plan to certain officers, directors,
various consultants and employees of the Company, to purchase an
aggregate of 975,000 common shares in the capital stock of the
Company. The Options are exercisable for a period of five years
from the date of grant at a price of $0.05 per share.
The Company has also granted an aggregate of 85,000 stock
options, which are exercisable for a period of five years from the
date of grant, into series A preferred shares of the Company (the
"Preferred Shares") at an exercise price of $7.25 per Preferred Share.
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
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.