Magnetic North Acquisition Corp. Announces Issuance of Management Cease Trade order by ASC
CALGARY, Alberta and TORONTO, May 03, 2021 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that, further to its April 28, 2021 news release, a management cease trade order (the “MCTO”) has been issued by its principal regulator, the Alberta Securities Commission. As previously announced on April 28, 2021, the Company’s application for the MCTO resulted from the Company’s inability to file its audited annual financial statements, management’s discussion and analysis and related certifications for the 15 months ended December 31, 2020 (the “Documents”) on or before April 30, 2021, as required under applicable securities laws. The default is due, in part, to business and administrative disruption experienced by the Company in respect of both its own personnel and the Company’s auditors inability to complete the work required to issue the Documents due to the restrictions on business activities as a result of COVID-19 in Canada. The default is also due to the additional amount of work required by the Company and its auditors in connection with several factors including, the change of year end which increased the time period under the audit to 15 months, this being the first full audit of Magnetic North as an investment issuer, and all of this compounded by MNP being appointed the Company’s new auditors in October 2020.
The MCTO restricts trading in securities of the Company by management of the Company until such time as the Documents have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
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.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. 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.