Magnetic North Acquisition Corp. Announces First Significant Revenues of Processed E-Waste With $1.9 MM Sale
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CALGARY, Alberta and TORONTO, May 26, 2021 (GLOBE NEWSWIRE) — 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.
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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.