Latest news with #MagneticNorth
Yahoo
4 days ago
- Business
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Magnetic North Acquisition Corp. Provides Bi-Weekly Update On Status Of Management Cease Trade Order
CALGARY, Alberta and TORONTO, June 06, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; ('Magnetic North' or the 'Company') is providing this bi-weekly update on the status of the management cease trade order granted on May 9, 2025 (the 'MCTO') by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 - Management Cease Trade Orders ('NP 12-203'), following the Company's announcement on May 8, 2025 (the 'Default Announcement') that it was unable to file its audited annual financial statements, management's discussion and analysis and related certifications for the year ended December 31, 2024 (the 'Documents') on or before April 30, 2025, as required under applicable securities laws. The Company still expects to file the Documents by June 30, 2025. There are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed. 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 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 Magnetic North's securities filings can also be accessed at For further information, please contact: Graeme Dick Stephen McCormick Investor Relations VP, Capital Markets 403-451-0939 403-451-0939 graeme@ stephen@ 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 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
Yahoo
23-05-2025
- Business
- Yahoo
Magnetic North Acquisition Corp. Provides Bi-Weekly Update on Status of Management Cease Trade Order
CALGARY, Alberta and TORONTO, May 23, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; ('Magnetic North' or the 'Company') is providing this bi-weekly update on the status of the management cease trade order granted on May 9, 2025 (the 'MCTO') by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 - Management Cease Trade Orders ('NP 12-203'), following the Company's announcement on May 8, 2025 (the 'Default Announcement') that it was unable to file its audited annual financial statements, management's discussion and analysis and related certifications for the year ended December 31, 2024 (the 'Documents') on or before April 30, 2025, as required under applicable securities laws. The Company still expects to file the Documents by June 30, 2025. There are no material changes to the information contained in the Default Announcement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed. 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 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 Magnetic North's securities filings can also be accessed at For further information, please contact: Graeme Dick Stephen McCormick Investor Relations VP, Capital Markets 403-451-0939 403-451-0939 graeme@ stephen@ 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 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 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
Yahoo
16-05-2025
- Business
- Yahoo
Magnetic North Acquisition Corp. Announces an Initial Closing of the Non-Brokered Private Placement
**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 16, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) ('Magnetic North' or the 'Company') announces that it has completed an initial Closing for proceeds of CAD$200,000 of its non-brokered private placement (the 'Offering'). The Offering consists of unsecured, interest-bearing promissory notes for gross proceeds of up to CAD$500, 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. The Company intends to use the net proceeds from the Offering for general corporate purposes. 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 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 Magnetic North's securities filings can also be accessed at For Further Information, Please Contact: Graeme Dick Stephen McCormick Investor Relations VP, Capital Markets 403-451-0939 403-451-0939 graeme@ stephen@ 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 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
Yahoo
16-05-2025
- Business
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Magnetic North Acquisition Corp. Announces an Initial Closing of the Non-Brokered Private Placement
**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 16, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) ('Magnetic North' or the 'Company') announces that it has completed an initial Closing for proceeds of CAD$200,000 of its non-brokered private placement (the 'Offering'). The Offering consists of unsecured, interest-bearing promissory notes for gross proceeds of up to CAD$500, 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. The Company intends to use the net proceeds from the Offering for general corporate purposes. 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 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 Magnetic North's securities filings can also be accessed at For Further Information, Please Contact: Graeme Dick Stephen McCormick Investor Relations VP, Capital Markets 403-451-0939 403-451-0939 graeme@ stephen@ 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 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
Yahoo
13-05-2025
- Business
- Yahoo
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 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 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 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 Magnetic North's securities filings can also be accessed at For Further Information, Please Contact: Graeme Dick Stephen McCormick Investor Relations VP, Capital Markets 403-451-0939 403-451-0939 graeme@ stephen@ 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.
