Magnetic North Acquisition Corp. Launches New Investment Offering
Magnetic North Acquisition Corp. Launches New Investment Offering
CALGARY, Alberta and TORONTO — Magnetic North Acquisition Corp. (TSXV: MNC), a forward-thinking investment firm, has announced an exciting opportunity for investors through a non-brokered private placement, seeking to raise a total of CAD$500,000. This initiative comes as the company aims to enhance its investment capabilities via unsecured, interest-bearing promissory notes.
Details About the Offering
The private placement, referred to as the "Offering," is structured to provide attractive terms for investors. Each promissory note will possess a face value of CAD$10,000, and they will accrue interest at a rate of ten percent, with the potential for additional bonus interest. This approach reflects Magnetic North’s commitment to offering competitive investment returns while funding its corporate initiatives.
Anticipated Closing Dates
The Offering is set to close in multiple tranches, with the first tranche expected to be finalized shortly. Currently, the company estimates that the closing will occur within a timeframe that extends briefly beyond the launch date of the first tranche. This staggered closing strategy allows for a structured approach to managing investor interests and fund allocations.
Utilization of Funds
Net proceeds generated from the Offering will be directed towards general corporate purposes, enhancing the operational functionality of Magnetic North. The company strategically plans to reinforce its investments and oversee its portfolio with a focus on long-term growth and sustainability.
Investor Flexibility and Share Repayment Options
Magnetic North is dedicated to ensuring investor satisfaction and may negotiate repayment terms that allow investors to receive their returns in kind. This means that, should both parties agree, repayments could be made in Series A Preferred shares of the company. Such options create flexibility within the investment framework, accommodating varying preferences among investors.
About Magnetic North Acquisition Corp.
Magnetic North’s core philosophy revolves around the belief that effective management and strategic operations are as crucial as the capital itself. With offices located in Calgary and Toronto, the experienced team applies deep industry knowledge and expertise to manage its portfolio successfully. The company's common and preferred shares are traded on the TSX Venture Exchange, under the symbols MNC and MNC.PR.A, showcasing its active role in the investment sector.
Company Achievements and Future Aspirations
Recently, Magnetic North was recognized as a recipient of the prestigious "2021 TSX Venture 50," indicating its noteworthy performance and commitment to excellence. This accolade reinforces the company’s position as a reputable player within the investment community, and further solidifies its dedication to achieving successful outcomes for its shareholders.
Connect with Magnetic North
For those interested in learning more about Magnetic North Acquisition Corp., additional information is available on its website, ensuring transparency and insight into its operations. Interested parties are encouraged to reach out for more details regarding the Offering and other investment opportunities.
Contact Information
For further inquiries related to investment opportunities, please reach out to:
Graeme Dick, Investor Relations
Phone: 403-451-0939
Email: graeme@colwellcapital.com
Stephen McCormick, VP, Capital Markets
Phone: 403-451-0939
Email: stephen@magneticnac.com
Frequently Asked Questions
What is the main purpose of Magnetic North’s Offering?
The Offering is designed to raise CAD$500,000 for general corporate purposes and to enhance the company's investment strategies.
What are the terms of the promissory notes?
The promissory notes have a face value of CAD$10,000 and accrue interest at a rate of ten percent, with potential for bonus interest.
How will the funds be used?
The funds raised will be utilized for general corporate purposes, aimed at fortifying Magnetic North’s operational capabilities and investment portfolio.
Is there a repayment option for investors?
Yes, repayment may be negotiated in kind, potentially allowing for payment in Series A Preferred shares.
Where can I find more information about Magnetic North?
Additional information is accessible on their official website to provide insights into their activities and offerings.
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