CALGARY, Alberta and TORONTO, April 26, 2022 (Globe NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC MNC.PR.A) (“Magnetic North” or the “Company”) announces that it has not met the filing day for filing of the adhering to steady disclosure paperwork (collectively, the “Documents”):
the Company’s Yearly Audited Fiscal Statements for the year ended December 31, 2021, as demanded by segment 4.2 of National Instrument 51-102 – Constant Disclosure Obligations (“NI 51-102”) and
the Company’s Administration Discussion & Analysis for the year finished December 31, 2021, as expected by section 5.1(2) of NI 51-102.
The default is owing to: (i) the supplemental amount of money of work necessary by the Company’s auditors for its initial audit of the Firm (ii) resource shortages normally in the accounting career and especially in the audit operate of accounting firms ensuing in a delay in the Business appointing a new auditor and (iii) company and administrative disruption seasoned by MNAC in regard of its personnel.
Accordingly, the Firm has applied to the Alberta Securities Commission for a Management Stop Trade Purchase that will prohibit the administration of the Firm from investing in the securities of the Company until eventually these kinds of time as the Paperwork are submitted. No decision has but been produced by the Alberta Securities Fee on this software. The Alberta Securities Commission may perhaps grant the application and difficulty the Administration Stop Trade Order or it may possibly impose an issuer cease trade get if the Paperwork are not submitted in a timely vogue.
All through the period of default and right until submitting of the Documents, the Enterprise intends to fulfill the provisions of the alternate information and facts guidelines as demanded by Countrywide Coverage 12-203 – Management Stop Trade Orders. Until finally the Company has submitted the Documents, associates of the Company’s administration and other insiders are subject to an insider buying and selling black-out policy as for each its inner Insider Buying and selling Plan that is constant with the ideas in Portion 9 of Countrywide Plan 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Enterprise confirms that, other than as disclosed in prior push releases and substance modify stories, there have been no content organization developments since the filing on November 29, 2021 of the Company’s most recent interim economical reviews for the time period ended September 30, 2021.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages companies on behalf of its shareholders and thinks that money by yourself does not usually lead to achievement. With workplaces in Calgary and Toronto, our seasoned administration crew applies its substantial management, functions and capital marketplaces skills to guarantee its investee corporations are as productive as feasible for shareholders. Magnetic North typical shares and most well-liked shares trade on the TSX Venture Exchange below the stock image MNC and MNC.PR.A, respectively. The TSX Undertaking not too long ago announced that Magnetic North is a “2021 TSX Enterprise 50” receiver. For a lot more details about Magnetic North, check out its web page at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.
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Neither the TSX Undertaking Exchange nor its Regulation Services Service provider (as that term is outlined in insurance policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news launch.
CAUTIONARY Assertion Relating to Ahead Wanting Information and facts
Particular statements in this information release are “forward-seeking statements”, which mirror current expectations of the management of Magnetic North with regards to future situations or Magnetic North’s future effectiveness. All statements other than statements of historical point contained in this information release might be forward-wanting statements. In individual, forward-hunting details and statements herein involve, but are not confined to, the filing of the Files, including the timing for the submitting of the Documents and the issuance of a Administration Stop Trade Order in respect of the Company. Such forward-searching statements entail recognised and unidentified dangers, uncertainties and other aspects that may induce actual success or events to vary materially from those people anticipated in the forward-looking statements. Magnetic North thinks that the expectations mirrored in these types of ahead-searching statements are sensible, but no assurance can be offered that these expectations will show to be appropriate and this sort of forward-wanting statements must not be unduly relied on. The forward-looking statements are expressly skilled in their entirety by this cautionary statement. The forward-looking statements are made as of the day of this news release and Magnetic North assumes no obligation to update or revise them to replicate new gatherings or circumstances, apart from as expressly demanded by applicable securities regulation. Further facts about risks and uncertainties relating to Magnetic North and its securities can be discovered in the disclosure documents filed by Magnetic North with the securities regulatory authorities, available at www.sedar.com.
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