Magnetic North Acquisition Corp. Announces Non-Brokered Private Placement of Up to CDN$500,000
**Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws**
CALGARY, Alberta and TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) ('Magnetic North' or the 'Company') announces that it intends to complete a non-brokered private placement (the 'Offering') consisting of unsecured, interest-bearing promissory notes for gross proceeds of up to CAD$500,000 (the 'Offering'). Interest at ten percent (10.0%) plus, under certain circumstances, bonus interest will be payable on the Offering. The Term of the Offering will be sixty (60) days from date of Closing of each tranche. Each promissory note will have a face value of CAD$10,000.
Closing of the Offering is currently anticipated to occur in more than one tranche. The first tranche of the Offering is anticipated to close by or on May 15, 2025. A cash commission of up to seven percent (7.0%) is payable to qualified agents on the total amount raised by such agent.The Company intends to use the net proceeds from the Offering for general corporate purposes.
The Company and the investor(s) may mutually agree to repayment of the Offering in kind, i.e., payable in Series A Preferred shares of MNAC, listed under the symbol MNC.PR.A on the TSXV (the 'Preferred Shares'), in whole or in part based on a per Preferred share price equal to the average price in the five (5) trading days immediately preceding the end of the Term.
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
.
For Further Information, Please Contact:
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
This news release contains 'forward-looking information' within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position. The forward-looking information in this news release includes the Company's expected completion and timing of the Offering. There can be no assurance that the Offering will be completed as proposed or at all. The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company's portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive. The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
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This invention enables both functions over the same wire pair by briefly pausing the charge current, opening a switch, and using that moment to measure the battery's voltage through the same lines. A pulse isolation drive circuit is used to manage this operation safely and reliably, even when voltage levels are floating or unstable. The result is a simplified yet highly accurate system that maintains the integrity of voltage readings while eliminating the need for redundant hardware. This two-wire approach offers a more efficient and cost-effective solution for modern battery systems that demand reliability, safety, and scalability. 1 Battery University, 2, IEA, 3 U.S. News 4 Rho Motion - Global EV Sales 2024, 5 IEA Global EV Outlook 2024, 6 IEA, 7 U.S. News, 8 Recurrent Auto About Battery X Metals Inc. Battery X Metals (CSE:BATX) (OTCQB:BATXF) (FSE:5YW, WKN:A40X9W) is an energy transition resource exploration and technology company committed to advancing domestic and critical battery metal resource exploration and developing next-generation proprietary technologies. Taking a diversified, 360° approach to the battery metals industry, the Company focuses on exploration, lifespan extension, and recycling of lithium-ion batteries and battery materials. For more information, visit On Behalf of the Board of Directors Massimo Bellini Bressi, Director For further information, please contact: Massimo Bellini BressiChief Executive OfficerEmail: mbellini@ (604) 741-0444 Disclaimer for Forward-Looking Information This news release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this release relate to, among other things, the Company's objectives, strategies, and future plans regarding the continued development, validation, patenting, and commercialization of proprietary lithium-ion battery rebalancing software and hardware technologies. Specific forward-looking statements include, but are not limited to, statements regarding the performance, applicability, and scalability of Prototype 2.0 across electric vehicle battery platforms; the Company's ability to file and obtain full utility patents from the USPTO; the anticipated benefits of the Company's rebalancing technology in extending battery life, restoring lost capacity, and reducing the need for costly replacements; the Company's positioning as a participant in the EV battery rebalancing and lifespan extension market; and the potential market adoption and commercial deployment of the Company's proprietary platform. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that the Company believes to be reasonable as of the date of this release. However, such statements are inherently subject to significant technological, scientific, business, operational, regulatory, and economic risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: uncertainties related to the USPTO patent application process and the scope of intellectual property protection ultimately granted; challenges in achieving consistent results across different battery chemistries, configurations, and EV platforms; delays in further testing, development, or market readiness of Prototype 2.0; risks related to commercial deployment and market acceptance; changes in industry demand, regulation, or competitive landscape; and general macroeconomic, geopolitical, and capital market conditions. Forward-looking statements reflect the beliefs, assumptions, and expectations of management at the time they are made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements and are encouraged to consult the Company's continuous disclosure filings available under its profile at for additional risk factors and further information. SOURCE: Battery X Metals View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
