CALGARY, Alberta and TORONTO, April 26, 2022 (Globe NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC MNC.PR.A) (“Magnetic North” or the “Organization”) announces that it has not fulfilled the filing day for submitting of the following steady disclosure paperwork (collectively, the “Files”):
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the Company’s Annual Audited Economic Statements for the year ended December 31, 2021, as expected by segment 4.2 of Countrywide Instrument 51-102 – Steady Disclosure Obligations (“NI 51-102”) and
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the Company’s Management Discussion & Analysis for the year ended December 31, 2021, as required by portion 5.1(2) of NI 51-102.
The default is because of to: (i) the supplemental total of get the job done needed by the Company’s auditors for its initially audit of the Firm (ii) source shortages normally inside the accounting job and specially in the audit function of accounting companies ensuing in a delay in the Company appointing a new auditor and (iii) business and administrative disruption professional by MNAC in regard of its personnel.
Appropriately, the Corporation has applied to the Alberta Securities Fee for a Administration Stop Trade Order that will prohibit the administration of the Company from trading in the securities of the Firm until finally these kinds of time as the Files are submitted. No determination has however been built by the Alberta Securities Commission on this software. The Alberta Securities Fee could grant the application and problem the Administration Cease Trade Order or it may perhaps impose an issuer stop trade purchase if the Paperwork are not submitted in a well timed vogue.
During the period of default and until eventually submitting of the Documents, the Enterprise intends to fulfill the provisions of the choice details rules as needed by Nationwide Policy 12-203 – Administration Cease Trade Orders. Right until the Corporation has submitted the Files, users of the Company’s management and other insiders are subject matter to an insider trading black-out policy as for each its inner Insider Buying and selling Policy that is consistent with the concepts in Portion 9 of Nationwide Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in A number of Jurisdictions. The Company confirms that, other than as disclosed in prior push releases and materials improve experiences, there have been no materials company developments since the submitting on November 29, 2021 of the Company’s most up-to-date interim financial reports for the time period finished September 30, 2021.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages businesses on behalf of its shareholders and believes that cash on your own does not generally lead to results. With offices in Calgary and Toronto, our expert administration team applies its appreciable management, functions and cash markets skills to assure its investee organizations are as thriving as possible for shareholders. Magnetic North frequent shares and chosen shares trade on the TSX Enterprise Exchange beneath the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture not too long ago declared that Magnetic North is a “2021 TSX Venture 50” receiver. For far more data about Magnetic North, take a look at its site at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.
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Neither the TSX Enterprise Exchange nor its Regulation Providers Service provider (as that term is described in procedures of the TSX Venture Exchange) accepts responsibility for the adequacy or precision of this information release.
CAUTIONARY Assertion Relating to Ahead Seeking Details
Selected statements in this information launch are “forward-searching statements”, which reflect current expectations of the management of Magnetic North regarding potential events or Magnetic North’s future general performance. All statements other than statements of historical truth contained in this information release could be forward-on the lookout statements. In individual, forward-hunting information and statements herein include things like, but are not minimal to, the filing of the Documents, including the timing for the submitting of the Documents and the issuance of a Administration Cease Trade Buy in respect of the Enterprise. This sort of ahead-hunting statements involve acknowledged and not known hazards, uncertainties and other factors that might lead to actual success or events to vary materially from those people predicted in the ahead-seeking statements. Magnetic North believes that the expectations reflected in such forward-wanting statements are fair, but no assurance can be supplied that these expectations will show to be appropriate and these types of ahead-searching statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary assertion. The forward-looking statements are made as of the date of this information launch and Magnetic North assumes no obligation to update or revise them to reflect new activities or instances, except as expressly needed by applicable securities regulation. Further info relating to risks and uncertainties relating to Magnetic North and its securities can be found in the disclosure documents submitted by Magnetic North with the securities regulatory authorities, accessible at www.sedar.com.
