CALGARY,
AB and TORONTO,
July 4,
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 May 2, 2024 (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 continues to work to complete the Documents;
however, the audit is currently delayed due to scheduling issues
between the Company and its auditor. The Company expects the audit
to resume on or about July 8, 2024
and expects to file the Documents within five (5) days of
completion of the audit, which will include the restatement of the
Company's financial information for the year ended December 31, 2022 announced on June 17, 2024 (the "2022 Restatement").
The Company will issue a news release once the Documents have been
filed.
There are no material changes to the information contained in
the Default Announcement, other than the 2022 Restatement. 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.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
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.