CALGARY,
AB and TORONTO,
June 17,
2024 /CNW/ - Magnetic North Acquisition Corp.
(TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the
"Company") announces that it has agreed with its auditors to
restate its financial statements for the year ended December 31, 2022 (the "2022
Restatement"). The decision to restate followed a comprehensive
review conducted by the Company's auditor and management's
consideration of the classification of the Company's Series A
Preferred Shares as equity, as opposed to a non-current financial
liability, which is how the Series A Preferred Shares were
previously classified. The impact of this restatement will be
confirmed and presented as part of the finalization of the
Company's 2023 audited financial statements.
The Company is also providing an 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, 2023 (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 expects to file the
Documents by July 15, 2024, which
will include the 2022 Restatement.
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.sedarplus.ca.
SOURCE Magnetic North Acquisition Corp.