Magnetic North Acquisition Corp. Announces First Significant Revenues of Processed E-Waste With $1.9 MM Sale
May 26 2021 - 7:30AM
Magnetic North Acquisition Corp. (TSXV: MNC;
MNC.PR.A) (“
Magnetic North” or the
“
Company”) is pleased to announce that our
investee company, CXTL Recycling (Canada) Corp. (“CTXL”) has
executed a sale of precious and base metals, primarily gold and
copper, from the processing of e-waste. The aggregate sale price is
approximately $1.9 million CAD and will close in tranches.
Going forward CXTL expects to sell processed
precious and base metals in spot transactions to maximize the
average sale price for each specific metal. This strategy would
allow for a higher overall maximum price over a long-term fixed
price contract.
Andrew Osis, Co-CEO Magnetic North stated, “We
are very pleased that the combination of investee companies
Intergild and CXTL have resulted in the planned capabilities that
will allow CXTL to become a leader in the recycling of plastics,
e-waste and other waste streams. CXTL’s capacity to fully recycle
e-waste and plastics in a no emission, low energy process provides
a compelling solution to addressing carbon emissions and waste
problems that affect the overall global environment.”
As previously announced on February 18th, 2021,
operations at CXTL’s facility in Calgary have been limited due to
COVID-19 provincial restrictions. Further processing of e-waste and
plastic waste is expected to continue when Alberta’s COVID-19
public health orders are lifted. CXTL is anticipating commercial
operations to resume sometime in the Fall of 2021.
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 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 Dick |
Stephen McCormick |
Investor Relations |
VP, Capital Markets |
403-451-0939 |
403-451-0939 |
graeme@colwellcapital.com |
stephen@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. In particular, forward-looking
information and statements herein includes, but are not limited to,
the closing of the sale by CXTL in tranches. 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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