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CALGARY, AB and TORONTO, Feb. 13,
2025 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) ("Magnetic North" or the "Company")
as first announced on December 30,
2024 the Company intends to complete a non-brokered private
placement of Series A Preferred Shares of the Company
("Preferred Shares") at a price of US$5.50 or CAD$7.70
per Preferred Share for gross proceeds of up to US$11,000,000 or
CAD$15,400,000 (the
"Offering"). Closing of the Offering has been extended and
is currently anticipated to occur by or on February 28, 2025. The Company intends to use the
net proceeds from the Offering for investment activities and for
general corporate purposes.
As previously announced, completion of the Offering is subject
to several conditions, including receipt by the Company of the
subscription funds and TSX Venture Exchange ("TSXV") final
acceptance. There can be no assurance that the Offering will be
completed as proposed or at all.
The Company currently has 1,750,825 Preferred Shares issued
and outstanding and expects to issue up to 2,000,000 Preferred
Shares under the Offering, which will represent up to approximately
53.3% of the outstanding Preferred Shares following the completion
of the Offering. The Preferred Shares issued pursuant to the
Offering will be subject to a hold period of four months plus one
day from the date of closing of the Offering in accordance with
securities laws.
The Preferred Shares are non-voting and non-convertible and are
listed on the TSXV under the symbol "MNC.PR.A". For more
information on the terms, rights and privileges of the Preferred
Shares, please see the management information circular of the
Company dated September 23, 2020
available on the Company's SEDAR+ profile at
www.sedarplus.ca.
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.sedarplus.ca.
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
This news release contains "forward-looking information" within
the meaning of Canadian securities legislation. Forward-looking
information generally refers to information about an issuer's
business, capital, or operations that is prospective in nature, and
includes future-oriented financial information about the issuer's
prospective financial performance or financial position. The
forward-looking information in this news release includes the
Company's expected completion and timing of the Offering. There can
be no assurance that the Offering will be completed as proposed or
at all. The Company has made certain material assumptions,
including but not limited to: prevailing market conditions; general
business, economic, competitive, political and social
uncertainties; and the ability of the Company to execute and
achieve its business objectives to develop the forward-looking
information in this news release. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Actual results may vary
from the forward-looking information in this news release due to
certain material risk factors. These risk factors include but are
not limited to: adverse market conditions; reliance on key and
qualified personnel; and regulatory and other risks associated with
the industries in which the Company's portfolio companies operate,
in general. The Company cautions that the foregoing list of
material risk factors and assumptions is not exhaustive. The
Company assumes no obligation to update or revise the
forward-looking information in this news release, unless it is
required to do so under Canadian securities legislation.
SOURCE Magnetic North Acquisition Corp.
