Magnetic North Acquisition Corp. Completes Successful Initial Closing
CALGARY, Alberta and TORONTO — Magnetic North Acquisition Corp. (TSXV: MNC) is thrilled to announce that it has successfully completed an initial closing of its non-brokered private placement, securing proceeds of CAD$200,000 out of a targeted total of CAD$500,000. This strategic move aims to bolster the company's operational capabilities and expansion efforts.
Details of the Private Placement Offering
The Offering comprises unsecured, interest-bearing promissory notes which are anticipated to yield up to CAD$500,000 in gross proceeds. The promissory notes will carry an interest rate of 10%, and there may also be bonus interest available under certain conditions. Each promissory note will have a face value of CAD$10,000, with a term set at sixty days following the closing date of each tranche. The company plans to allocate the net proceeds from this Offering towards general corporate purposes, reflecting a commitment to thoughtful financial management and strategic growth.
About Magnetic North Acquisition Corp.
Magnetic North Acquisition Corp. is focused on investing in and managing businesses that provide strong value to its shareholders. The company is based in Calgary and Toronto, leveraging a team of experienced professionals who bring vast expertise in management, operations, and capital markets. Magnetic North understands that beyond capital investment, a well-rounded approach is essential for the success of its ventures. This commitment has recently been recognized, as the company was named a recipient of the prestigious "2021 TSX Venture 50" award, reinforcing its role as a significant player in the market.
Looking Ahead: The Future of Magnetic North
As Magnetic North Acquisition Corp. continues to pursue its investment strategies, it remains committed to enhancing shareholder value. The management team is dedicated to navigating the intricacies of the market, ensuring that all investee companies can flourish. With the successful closing of this private placement, the company is well-positioned to explore new opportunities and foster growth in its portfolio.
Contact Information
For more information about Magnetic North Acquisition Corp., interested parties can reach out to the investor relations team. Graeme Dick can be contacted at 403-451-0939 or via email at graeme@colwellcapital.com. Stephen McCormick, VP of Capital Markets, is also available at 403-451-0939 or through email at stephen@magneticnac.com.
Frequently Asked Questions
What is Magnetic North Acquisition Corp.?
Magnetic North Acquisition Corp. is a company focused on investing and managing businesses to enhance shareholder value.
What does the private placement consist of?
The private placement consists of unsecured promissory notes with a targeted amount of CAD$500,000 in gross proceeds.
How will the funds from the Offering be utilized?
The net proceeds from the Offering will be used for general corporate purposes.
What are the interest rates associated with the Offering?
The promissory notes carry an interest rate of 10%, with potential bonus interest under specific conditions.
How can I contact Magnetic North Acquisition Corp. for more information?
You can reach Graeme Dick at 403-451-0939 or email him at graeme@colwellcapital.com for inquiries.
