MAGNETIC NORTH ACQUISITION CORP. CONFIRMS SUSPENSION OF TRADING

CALGARY, AB and TORONTO, July 11, 2023 /CNW/ - Magnetic North Acquisition Corp. (TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the "Company") announces that, further to its news release of July 4, 2023, the TSX Venture Exchange (the "TSXV") suspended trading in the Company's securities on July 5, 2023 as a result of a Cease Trade Order (the "CTO") issued by the Alberta Securities Commission. The CTO was issued as a result of a delay in the filing of the Company's audited annual financial statements, accompanying management discussion and analysis, and certifications for the financial year ended December 31, 2022, and the corresponding interim financial statements, management discussion and analysis, and certifications for the period ended March 31, 2023 (collectively, the "Filings").

Upon completion of the Filings and revocation of the CTO by the Alberta Securities Commission, the Company will submit the required materials to the TSXV requesting the reinstatement of trading. Revocation of the CTO and reinstatement of trading are expected to occur within a few days after the Filings are made.

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.

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.‎

SOURCE Magnetic North Acquisition Corp.

Copyright 2023 Canada NewsWire