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Magnetic North Acquisition Corp. (MNC.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.30000.0000 (0.00%)
At close: 10:54AM EDT
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Previous Close0.3000
Open0.2900
Bid0.2750 x N/A
Ask0.3000 x N/A
Day's Range0.2750 - 0.3000
52 Week Range0.2350 - 1.0300
Volume100
Avg. Volume10,272
Market Cap17.715M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.0120
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Magnetic North Acquisition Corp. Announces Issuance of Management Cease Trade order by ASC
    GlobeNewswire

    Magnetic North Acquisition Corp. Announces Issuance of Management Cease Trade order by ASC

    CALGARY, Alberta and TORONTO, May 03, 2021 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that, further to its April 28, 2021 news release, a management cease trade order (the “MCTO”) has been issued by its principal regulator, the Alberta Securities Commission. As previously announced on April 28, 2021, the Company’s application for the MCTO resulted from ‎the Company’s inability to file its audited annual financial statements, ‎management’s discussion and analysis and related certifications for the 15 months ended December ‎‎31, 2020 (the “Documents”) on or before April 30, 2021, as required under applicable ‎securities laws. The default is due, in part, to business and administrative disruption experienced by the Company in respect of both its own personnel and the Company’s auditors inability to complete the work required to issue the Documents due to the restrictions on business activities as a result of COVID-19 in Canada. The default is also due to the additional amount of work required by the Company and its auditors in connection with several factors including, the change of year end which increased the time period under the audit to 15 months, this being the first full audit of Magnetic North as an investment issuer, and all of this compounded by MNP being appointed the Company’s new auditors in October 2020. ‎The MCTO restricts trading in securities of the Company by management of the ‎Company until such time as the Documents have been filed by the Company and the MCTO ‎is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of ‎the Company to trade their securities.‎ 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 McCormickInvestor Relations VP, Capital Markets 403-451-0939 403-451-0939graeme@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.‎

  • Magnetic North Acquisition Corp. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
    GlobeNewswire

    Magnetic North Acquisition Corp. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order

    CALGARY, Alberta and TORONTO, April 28, 2021 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that it will not meet the filing date for filing of the following continuous disclosure documents (collectively, the “Documents”): the Company’s Annual Audited Financial Statements for the 15 months ended December 31, 2020, as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations (“NI 51-102”); andthe Company’s Management Discussion & Analysis for the 15 months ended December 31, 2020, as required by section 5.1(2) of NI 51-102. The default is due, in part, to business and administrative disruption experienced by the Company in respect of both its own personnel and the Company’s auditors inability to complete the work required to issue the Documents due to the restrictions on business activities as a result of COVID-19 in Canada. The default is also due to the additional amount of work required by the Company and its auditors in connection with several factors including, the change of year end which increased the time period under the audit to 15 months, this being the first full audit of Magnetic North as an investment issuer, and all of this compounded by MNP being appointed the Company’s new auditors in October 2020. Accordingly, the Company has applied to the Alberta Securities Commission for a Management Cease Trade Order that will prohibit the management of the Company from trading in the securities of the Company until such time as the Documents are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the Management Cease Trade Order or it may impose an issuer cease trade order if the Documents are not filed in a timely fashion. During the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 – Management Cease Trade Orders. Until the Company has filed the Documents, members of the Company’s management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 26, 2020 of the Company’s latest interim financial reports for the period ended September 30, 2020. 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 McCormickInvestor Relations VP, Capital Markets403-451-0939 403-451-0939graeme@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. In particular, ‎forward-looking information and ‎statements herein include, but are not limited to, the filing of the Documents, including the timing for the filing of the Documents and the issuance of a Management Cease Trade Order in respect of the Company. 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.‎

  • Magnetic North Acquisition Corp. Provides Update on Previcare, Inc.
    GlobeNewswire

    Magnetic North Acquisition Corp. Provides Update on Previcare, Inc.

    **Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws** CALGARY, Alberta and TORONTO, March 02, 2021 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) is pleased to provide an update on Previcare, Inc. (“Previcare”). As previously disclosed on February 12, 2020, Magnetic North controls 32% of Previcare, a healthcare company focused on assisting its customers to protect themselves during, and beyond the COVID-19 pandemic. Since the initial spread of COVID-19, world-wide supply chain dislocation has negatively impacted the Personal Protective Equipment (“PPE”) industry’s ability to serve surging demand. Previcare has worked closely with its suppliers to largely overcome these issues and is shipping, both in bulk and in various size formats, to its customers with production levels ramping continuously. Previcare’s product offering includes the ability to supply disinfectant wipes, which continue to see massive demand at the same time as there is a significant worldwide shortfall of supply. From a regulatory standpoint, over the past year Previcare has secured US Environmental Protection Agency (“EPA”) and Health Canada registrations for its disinfectant wipes and US Federal Drug Administration (“FDA”) and Health Canada registrations for its hand sanitizer products; without these product registrations, no sales can be made into the Canadian or US markets. Jeffrey Fredenburgh, President of Previcare stated, “Previcare’s focus on securing multi-source manufacturing for its sanitizer and disinfectant products, supported by certifying each active ingredient that goes into every batch, provides a competitive advantage for the company as a number of non-regulatory compliant PPE products are being recalled worldwide.” Kevin Spall, Co-CEO of Magnetic North added, “With the global economy facing significant re-opening challenges, Previcare has identified several broader customer product needs. There is a large demand for some PPE products with an offsetting limited supply, and Previcare has positioned itself well to provide an even broader range of PPE protection against deadly pathogens over the coming months and years.” As the world continues to navigate a number of re-opening efforts, new and existing customers are engaged with Previcare to assist them in securing a broader range of PPE and other therapeutics. Previcare is actively negotiating a series of potential large PPE transactions with existing suppliers. While there is no certainty that these transactions will be completed, Previcare, through Magnetic North, will share the specifics of each transaction upon completion. 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 DickStephen McCormickInvestor RelationsVP, Capital Markets403-451-0939403-451-0939graeme@colwellcapital.comstephen@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 This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes information regarding Previcare closing on a series of potential large PPE transactions with their existing suppliers. The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company's portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive. The Company assumes no obligation to update or revise the forward-looking information in this news release unless it is required to do so under Canadian securities legislation.