Update on Management Cease Trade Order
CALGARY and TORONTO — Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) is pleased to provide a bi-weekly update on the management cease trade order (MCTO) that was granted by the Alberta Securities Commission. This order was initiated due to the company's inability to file its audited annual financial statements and related documents as scheduled.
On May 9, 2025, the ASC imposed the MCTO following the company’s Default Announcement on May 8, which specified that the company would not meet the filing deadline of April 30, 2025. Currently, Magnetic North does not anticipate submitting the required documents by the MCTO deadline of June 30, 2025.
Status and Future Plans
The company confirms there are no major changes regarding its original report, aside from updated discussions with auditors. These recent discussions clarified that the audit work for 2024 won't be finished in time for the June deadline. Therefore, the company intends to apply for an extension to postpone the MCTO deadline to July 31, 2025.
Commitment to Transparency
In the meantime, Magnetic North is committed to adhering to the alternative information guidelines outlined under NP 12-203. This involves issuing regular bi-weekly status reports until the documents are finally filed. Each report will be shared in the form of a press release for public awareness.
Company’s Financial Health
It is important to note that Magnetic North is not involved in any insolvency proceedings. Furthermore, there is no confidential or undisclosed information regarding the company’s operations that has not been made public. All communications will reflect the utmost transparency for the benefit of shareholders and stakeholders.
About Magnetic North Acquisition Corp.
Magnetic North Acquisition Corp. is dedicated to investing and managing businesses strategically for its shareholders. With operational offices located in Calgary and Toronto, the company employs a skilled management team that utilizes extensive market knowledge and financial insight to maximize opportunities for success for their investee companies. The common shares and preferred shares of Magnetic North are available for trading on the TSX Venture Exchange under the symbols MNC and MNC.PR.A.
Contact Information
If you require further information, please reach out to:
Graeme Dick
Investor Relations
403-451-0939
graeme@colwellcapital.com
Stephen McCormick
VP, Capital Markets
403-451-0939
stephen@magneticnac.com
Frequently Asked Questions
What is the current status of the management cease trade order?
The company anticipates applying for an extension of the management cease trade order deadline to July 31, 2025.
Why was the cease trade order issued?
The order was issued because the company could not file its audited annual financial statements by the required deadline.
Will the company continue to provide updates?
Yes, Magnetic North will issue bi-weekly reports to keep shareholders informed until the documentation is filed.
Is Magnetic North involved in any insolvency proceedings?
No, the company is not involved in any insolvency proceedings at this time.
Where can I find more information about the company?
Additional information about Magnetic North can be found on their website, and their securities filings are accessible through the proper regulatory channels.
