Magnetic North Acquisition Corp. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
CALGARY, Alberta and TORONTO, April 26, 2022 (Globe NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC MNC.PR.A) (“Magnetic North” or the “Organization”) announces that it has not satisfied the submitting day for filing of the subsequent ongoing disclosure files (collectively, the “Files”):
the Company’s Yearly Audited Financial Statements for the yr ended December 31, 2021, as necessary by area 4.2 of National Instrument 51-102 – Continual Disclosure Obligations (“NI 51-102”) and
the Company’s Management Dialogue & Assessment for the calendar year finished December 31, 2021, as required by portion 5.1(2) of NI 51-102.
The default is due to: (i) the further amount of money of function required by the Company’s auditors for its initially audit of the Business (ii) source shortages commonly inside the accounting occupation and precisely in the audit functionality of accounting firms ensuing in a delay in the Organization appointing a new auditor and (iii) company and administrative disruption knowledgeable by MNAC in regard of its personnel.
Appropriately, the Firm has utilized to the Alberta Securities Fee for a Management Stop Trade Purchase that will prohibit the management of the Organization from trading in the securities of the Company till such time as the Paperwork are submitted. No decision has yet been made by the Alberta Securities Fee on this application. The Alberta Securities Commission could grant the software and difficulty the Administration Stop Trade Buy or it could impose an issuer cease trade order if the Paperwork are not filed in a well timed vogue.
Throughout the time period of default and until eventually filing of the Files, the Organization intends to satisfy the provisions of the substitute information and facts rules as expected by National Plan 12-203 – Management Cease Trade Orders. Until eventually the Firm has filed the Files, members of the Company’s administration and other insiders are issue to an insider buying and selling black-out plan as for each its inner Insider Buying and selling Coverage that is steady with the rules in Portion 9 of Countrywide Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Numerous Jurisdictions. The Corporation confirms that, other than as disclosed in prior push releases and material change reviews, there have been no material enterprise developments since the submitting on November 29, 2021 of the Company’s most recent interim fiscal reports for the period of time ended September 30, 2021.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages corporations on behalf of its shareholders and thinks that capital alone does not normally guide to results. With places of work in Calgary and Toronto, our experienced management crew applies its significant management, functions and funds markets knowledge to be certain its investee organizations are as thriving as feasible for shareholders. Magnetic North prevalent shares and desired shares trade on the TSX Enterprise Exchange beneath the inventory symbol MNC and MNC.PR.A, respectively. The TSX Enterprise not long ago declared that Magnetic North is a “2021 TSX Undertaking 50” receiver. For a lot more information about Magnetic North, take a look at its web page at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.
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Neither the TSX Enterprise Trade nor its Regulation Services Provider (as that expression is defined in procedures of the TSX Venture Trade) accepts duty for the adequacy or accuracy of this news launch.
CAUTIONARY Assertion With regards to Forward Searching Information and facts
Selected statements in this news launch are “forward-hunting statements”, which reflect current expectations of the management of Magnetic North with regards to upcoming situations or Magnetic North’s future performance. All statements other than statements of historic fact contained in this news release may be forward-wanting statements. In certain, forward-searching details and statements herein include, but are not minimal to, the filing of the Paperwork, including the timing for the filing of the Documents and the issuance of a Management Stop Trade Purchase in respect of the Corporation. Such ahead-hunting statements require recognized and unknown hazards, uncertainties and other elements that may perhaps lead to actual outcomes or events to differ materially from those predicted in the forward-looking statements. Magnetic North thinks that the expectations reflected in these ahead-looking statements are affordable, but no assurance can be specified that these expectations will confirm to be right and this kind of forward-on the lookout statements must not be unduly relied on. The forward-looking statements are expressly experienced in their entirety by this cautionary assertion. The forward-looking statements are built as of the day of this information launch and Magnetic North assumes no obligation to update or revise them to replicate new occasions or situation, other than as expressly necessary by applicable securities law. Further information and facts pertaining to risks and uncertainties relating to Magnetic North and its securities can be observed in the disclosure documents submitted by Magnetic North with the securities regulatory authorities, readily available at www.sedar.com.