Magnetic North Acquisition Corp. Announces Expansion of Non-brokered Private Placement From $3 Million to $4 Million

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CALGARY, Alberta and TORONTO, June 04, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce it is increasing the Company’s non-brokered private placement (the “Financing”) of Series A Preferred Shares from $3,000,000 to up to $4,000,000. The TSX Venture Exchange has approved the extension for the final closing of the Financing to on or about June 12, 2020.

On March 31, 2020 the Company closed on 51,330 of Series A Preferred Shares at a price of $10.00 per share for gross proceeds of $513,300.

On May 8, 2020, the Company completed the issuance of 80,334 of Series A Preferred Shares at a price of $10.00 per share for gross proceeds of $803,340, for an aggregate total of 131,664 Preferred Shares or total proceeds of $1,316,640. The Company paid finder’s fees of $38,069.50 relating to the completion of the second closing.

As announced on March 20, 2020, the Financing is intended to allow Magnetic North to make investments in certain of the Company’s investee companies and for working capital purposes.

The Financing now consists of up to 400,000 Series A Preferred Shares of the Company at a price of $10.00 per share.  The terms of the Series A Preferred Shares are described in Magnetic North’s most recent financial statements for the second quarter ended March 31, 2020 and the Company confirms that there are no undisclosed material changes.

The Series A Preferred Shares are offered and sold in Canadian jurisdictions to "accredited investors" pursuant to the exemption from the prospectus requirement under Section 2.3 of National Instrument 45-106 – Prospectus Exemptions and such other exemptions from the prospectus requirements and subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. In connection with the Financing, Magnetic North may pay finder's fees to eligible finders.