CALGARY, Alberta and TORONTO, April 26, 2022 (World NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC MNC.PR.A) (“Magnetic North” or the “Firm”) announces that it has not met the submitting day for filing of the pursuing constant disclosure documents (collectively, the “Paperwork”):
the Company’s Yearly Audited Financial Statements for the calendar year finished December 31, 2021, as required by area 4.2 of Countrywide Instrument 51-102 – Steady Disclosure Obligations (“NI 51-102”) and
the Company’s Administration Discussion & Analysis for the yr ended December 31, 2021, as needed by part 5.1(2) of NI 51-102.
The default is owing to: (i) the further amount of work necessary by the Company’s auditors for its very first audit of the Organization (ii) resource shortages usually inside of the accounting career and especially inside of the audit function of accounting firms resulting in a delay in the Firm appointing a new auditor and (iii) business and administrative disruption experienced by MNAC in respect of its personnel.
Appropriately, the Company has applied to the Alberta Securities Fee for a Administration Cease Trade Get that will prohibit the administration of the Company from trading in the securities of the Enterprise right until this sort of time as the Documents are submitted. No selection has yet been built by the Alberta Securities Fee on this application. The Alberta Securities Fee could grant the application and problem the Management Cease Trade Purchase or it may impose an issuer cease trade order if the Files are not submitted in a well timed trend.
Throughout the period of default and till submitting of the Paperwork, the Enterprise intends to satisfy the provisions of the alternate data pointers as expected by Nationwide Coverage 12-203 – Administration Cease Trade Orders. Until finally the Enterprise has filed the Files, customers of the Company’s management and other insiders are subject to an insider trading black-out policy as for every its inside Insider Trading Coverage that is consistent with the rules in Part 9 of Countrywide Coverage 11-207 – Failure-to-File Cease Trade Orders and Revocations in Several Jurisdictions. The Business confirms that, other than as disclosed in prior press releases and material transform experiences, there have been no materials organization developments due to the fact the submitting on November 29, 2021 of the Company’s hottest interim monetary reviews for the period ended September 30, 2021.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages businesses on behalf of its shareholders and believes that money alone does not usually lead to achievements. With offices in Calgary and Toronto, our professional management group applies its significant management, functions and funds markets knowledge to make sure its investee organizations are as profitable as feasible for shareholders. Magnetic North prevalent shares and preferred shares trade on the TSX Enterprise Trade less than the inventory symbol MNC and MNC.PR.A, respectively. The TSX Venture not long ago introduced that Magnetic North is a “2021 TSX Enterprise 50” receiver. For more information about Magnetic North, pay a visit to its site at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.
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CAUTIONARY Statement Relating to Ahead Searching Facts
Specified statements in this news launch are “forward-searching statements”, which reflect present-day expectations of the management of Magnetic North with regards to foreseeable future situations or Magnetic North’s future efficiency. All statements other than statements of historical point contained in this information release may be ahead-searching statements. In particular, forward-looking info and statements herein involve, but are not minimal to, the submitting of the Files, together with the timing for the submitting of the Paperwork and the issuance of a Administration Stop Trade Buy in respect of the Business. These kinds of forward-on the lookout statements require regarded and not known dangers, uncertainties and other aspects that may perhaps result in actual final results or events to differ materially from all those predicted in the ahead-hunting statements. Magnetic North thinks that the expectations mirrored in this kind of ahead-on the lookout statements are fair, but no assurance can be supplied that these expectations will confirm to be correct and such ahead-searching statements must not be unduly relied upon. The forward-looking statements are expressly competent in their entirety by this cautionary assertion. The forward-looking statements are manufactured as of the day of this information launch and Magnetic North assumes no obligation to update or revise them to reflect new situations or circumstances, except as expressly expected by relevant securities regulation. Further facts pertaining to hazards and uncertainties relating to Magnetic North and its securities can be observed in the disclosure documents filed by Magnetic North with the securities regulatory authorities, available at www.sedar.com.