Magnetic North Acquisition Corp. Provides Bi-Weekly Update on Status of Management Cease Trade Order
May 14 2021 - 7:22PM
Magnetic North Acquisition Corp. (TSXV: MNC;
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 3,
2021 (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
28, 2021 (the “
Default Announcement”) that it was
unable to file its audited annual financial statements,
management’s discussion and analysis and related certifications
for the 15 months ended December 31, 2020 (the
“
Documents”) on or before April 30, 2021, as
required under applicable securities laws. The Company still
expects to file the Documents by May 31, 2021.
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.
For further information, please contact:
Graeme DickInvestor
Relations403-451-0939graeme@colwellcapital.com |
|
Stephen McCormickVP, Capital
Markets403-451-0939stephen@magneticnac.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.
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