CALGARY,
AB and TORONTO,
July 17,
2024 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") announces that, further to its news release of
July 15, 2024, the TSX Venture
Exchange (the "TSXV") suspended trading in the Company's
securities on July 15, 2024 as a
result of a Cease Trade Order (the "CTO") issued by the
Alberta Securities Commission. The CTO was issued as a result of
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, 2023, and the corresponding interim
financial statements, management discussion and analysis, and
certifications for the period ended March
31, 2024 (collectively, the "Filings").
Upon completion of the Filings and revocation of the CTO by the
Alberta Securities Commission, the Company will submit
the required materials to the TSXV requesting the reinstatement of
trading. Revocation of the CTO and reinstatement of trading are
expected to occur within a few days after the Filings are made.
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. 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.