CALGARY, Alberta and TORONTO, June 09, 2022 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that it has decided to restate its financial statements for the year ended December 31, 2020 (the “2020 Restatement”). The decision to restate followed a review conducted by the Company’s new auditor and management’s consideration of the application of IFRS 10 for the Company’s investment companies, wherein it was determined that the consolidation of investment in CXTL Recycling (Canada) Corp. included in the financial statements as well as the application of other accounting policies were not appropriate given that Magnetic North is an investment entity. The material changes to be included in the 2020 Restatement will affect the Company’s balance sheet and income statement. The decision to restate followed an audit review and the impact will be confirmed during the finalization of the Company’s 2021 audited financial statements.
The Company is also providing an update on the status of the management cease trade order granted on May 4, 2022 (the “MCTO”) by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”), following the Company’s announcement on April 26, 2022 (the “Default Announcement”) that it was unable to file its audited annual financial statements, management’s discussion and analysis and related certifications for the year ended December 31, 2021 (the “Documents”) on or before May 2, 2022, as required under applicable securities laws. The Company expects to file the Documents by June 24, 2022, which will be filed in conjunction with the release of the 2020 Restatement. The Company’s first quarter results will be filed following the filing of the Documents.
There are no material changes to the information contained in the Default Announcement, other than the 2020 Restatement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.
For further information, please contact:
| Graeme Dick | Stephen McCormick | |
| Investor Relations | VP, Capital Markets | |
| 403-451-0939 | 403-451-0939 | |
| graeme@colwellcapital.com | stephen@magneticnac.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Certain statements in this news release are “forward-looking statements”, which reflect current expectations of the management of Magnetic North regarding future events or Magnetic North's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Magnetic North believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Magnetic North assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Magnetic North and its securities can be found in the disclosure documents filed by Magnetic North with the securities regulatory authorities, available at www.sedar.com.
E-mail: info@magneticnac.com
