CALGARY,
AB and TORONTO,
May 14,
2024 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") is providing this bi-weekly update on the status
of the management cease trade order granted on May 7, 2024 (the "MCTO") by its principal
regulator, the Alberta Securities Commission, under National Policy
12-203 - Management Cease Trade Orders ("NP
12-203"), following the Company's announcement on April 30, 2023 (the "Default
Announcement") that it was unable to file its audited annual
financial statements, management's discussion and analysis and
related certifications for the year ended December 31, 2023 (the
"Documents") on or before April 29,
2024, as required under applicable securities laws. The
Company still expects to file the Documents by May 31, 2024.
There are no material changes to the information contained in
the Default Announcement. In addition: (i) the Company is
satisfying and confirms that it intends to continue to satisfy the
provisions of the alternative information guidelines under NP
12-203 and issue bi-weekly default status reports for so long as
the delay in filing the Documents is continuing, each of which will
be issued in the form of a press release; (ii) the Company does not
have any information at this time regarding any anticipated
specified default subsequent to the default in filing the
Documents; (iii) the Company is not subject to any insolvency
proceedings; and (iv) there is no 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.
