Magnetic North Acquisition Corp. Updates on Management Order Status
Management Cease Trade Order Status Update
Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) has shared insights regarding the bi-weekly status of a management cease trade order, also known as the MCTO, issued by the Alberta Securities Commission. This order came into effect on May 9, following the Company’s announcement that it was unable to submit its audited annual financial statements along with the necessary management discussions for the year ending December 31, 2024, by the specified deadline of April 30, 2025.
The Company anticipates filing the required financial documents no later than June 30. As Magnetic North steers through this temporary halt, it’s important to note that there have not been any significant changes to the information provided previously. The management team continues to adhere to the alternative information guidelines stipulated under National Policy 12-203 and will issue regular bi-weekly default status reports as they navigate this challenging phase.
Maintaining Compliance and Transparency
Commitment to Transparency
Magnetic North remains focused on maintaining transparency during this period. The Company has reassured stakeholders that it isn’t currently facing insolvency proceedings, and there’s no material undisclosed information regarding its operations.
Intended Path Forward
As part of the ongoing commitment to shareholders, the Company plans to continue providing updates until the documents are filed. This proactive communication approach illustrates its dedication to compliance and transparency.
Insight into Magnetic North Acquisition Corp.
Magnetic North specializes in investing and managing various business avenues for its shareholders. Its management team combines substantial operational expertise with capital market experience to cultivate successful investments. The Company operates from two offices situated in Calgary and Toronto, bolstering its strategic position to support investee companies in achieving their potential.
This commitment has been recognized by the TSX Venture Exchange, where Magnetic North was recently honored as a recipient of the '2021 TSX Venture 50.' Investors can keep up with operations and insights from the Company directly through their dedicated website.
Contact Information
For inquiries, stakeholders can reach out to:
Investor Relations
Graeme Dick
Phone: 403-451-0939
Email: graeme@colwellcapital.com
VP, Capital Markets
Stephen McCormick
Phone: 403-451-0939
Email: stephen@magneticnac.com
Frequently Asked Questions
What is the current status of the management cease trade order?
The management cease trade order is in effect due to delays in filing audited financial statements. The Company expects to file these documents by the end of June.
How often will the Company provide updates during this period?
Magnetic North has committed to bi-weekly updates as per the guidelines under NP 12-203 to keep investors informed.
Is Magnetic North facing any insolvency issues?
No, the Company has confirmed that it is not subject to any insolvency proceedings at this time.
Where can I find more information about Magnetic North Acquisition Corp.?
Further details can be found on the Company's website, where they regularly post updates and financial documents.
How does Magnetic North ensure successful investments?
With a knowledgeable management team and operational expertise, Magnetic North focuses on strategic investments aimed at maximizing shareholder value.
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