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Magnetic North Acquisition Corp. (MNC.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.67000.0000 (0.00%)
At close: 1:33PM EDT
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Previous Close0.6700
Open0.6700
Bid0.6700 x N/A
Ask0.7000 x N/A
Day's Range0.6500 - 0.6700
52 Week Range0.0750 - 1.0300
Volume283
Avg. Volume21,449
Market Cap39.564M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Magnetic North Acquisition Corp. Completes Acquisition of Intergild Advanced Recycling Technologies
    GlobeNewswire

    Magnetic North Acquisition Corp. Completes Acquisition of Intergild Advanced Recycling Technologies

    **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, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce that it has closed its acquisition of Intergild Advanced Recycling Technologies Corp.‎ ‎(the “Transaction”) as previously announced on August 26, 2020. Pursuant to the share purchase agreement dated effective August 24, 2020, Magnetic North acquired all issued and outstanding shares of Intergild in consideration for (a) the issuance of an aggregate of 400,000 Series A Preferred Shares of the Company at a price of $10.00 per share, (b) a cash payment in the amount of $53,000, and (c) a promissory note in the amount of $377,000, which is due and payable within 60 days of the closing date. Intergild is now a wholly-owned subsidiary of Magnetic North.Graham Fritz, Founder and former CEO of Intergild has joined the Magnetic North Board of Advisors to assist with e-waste sourcing, further technological initiatives and evaluating future deal flow under the direction of management. In connection with the Transaction, the Company issued 300,000 stock options of the Company to Mr. Fritz and 300,000 warrants of the Company to the other shareholder of Intergild, with each ‎option and warrant entitling the holder to acquire one ‎common share of the Company at a price $0.70 per share for a term of five years.Magnetic North intends to merge Intergild into the Company’s previously announced and closed investment in CXTL Recycling Canada Corp. (“CXTL”) to augment CXTL’s e-waste recycling solution. Intergild will add significant expertise and a process that allows for the selective separation of the plastic, fibre and metal components of e-waste, and the crystallization of the metals, into marketable commodities. In addition, the acquisition of Intergild will add potential patentable intellectual property to CXTL, and as a result, Magnetic North’s portfolio.The integration into CXTL will create a complete e-waste recycling solution, which provides full reclamation and monetization for all parts of the e-waste stream in a low-emission system that does not require smelting or a high-energy input. Magnetic North, CXTL and Intergild have been working closely together for the last ten months in ‎order to advance Intergild’s technology, with optimized demonstration machines operating ‎successfully for the last four months. Independent third-party due diligence has been completed, and engineering reports have ‎certified the process. E-waste is one of the fastest growing waste problems on the planet. According to the United Nations Coalition Report on E-waste, the growth and value of this waste stream presents a significant global problem, which management believes presents a significant opportunity for the Company. The report references the value of the gold in e-waste that was discarded in 2019 at an estimated US$62.5 billion, which may ultimately be doubled when e-waste’s other valuable metals and components are considered.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 trade on the TSX Venture Exchange under the stock symbol MNC. 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 Investor Relations 403-561-8989 graeme@colwellcapital.com Stephen McCormick VP, Capital Markets 403-619-6898 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 INFORMATIONThis 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 statements include, but are not ‎‎‎‎limited to, statements with respect to the successful integration of the Intergild business and technology and the growth and value of the e-waste stream‎, which are also subject to certain risks, including those set forth below.The Company has made certain material assumptions, including but not limited to assumptions with respect 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: the fact that Intergild has a limited history of operations; limitations inherent in the due diligence process; adverse market conditions; reliance on key and qualified personnel; emergence of superior technologies; as well as regulatory and other risks associated with the industries in which each of Intergild and the Company's other portfolio companies operate. 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.

  • Magnetic North Acquisition Corp. Announces Closing of $1.65 Million Non-Brokered Private Placement
    GlobeNewswire

    Magnetic North Acquisition Corp. Announces Closing of $1.65 Million Non-Brokered Private Placement

    **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, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement of Series A Preferred Shares (the “Financing”). The Company issued 165,697 Series A Preferred Shares at a price of $10.00 per Series A Preferred Share for aggregate gross proceeds of $‎1,656,970. 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 Series A Preferred Shares issued in connection with the Financing are subject to a four-month hold period, which ‎expires on February 27, 2021. Following the completion of the Financing, the Company has 1,207,663 Series A Preferred Shares issued and outstanding. The terms of the Series A Preferred Shares are described in Magnetic North’s most recent unaudited financial statements for the third quarter ended June 30, 2020.In connection with the closing of the Financing, the Company paid finder's fees in the amount of $1,750.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.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 shares trade on the TSX Venture Exchange under the stock symbol MNC. 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 Investor Relations 403-561-8989 graeme@colwellcapital.com              Stephen McCormick VP, Capital Markets 403-619-6898 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 INFORMATIONThis 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 the Company’s intended use of proceeds from the Financing.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.

  • GlobeNewswire

    Magnetic North Acquisition Corp. Announces Conditional Approval to List Series A Preferred Shares on the TSX Venture Exchange

    **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, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce that it has received conditional acceptance for the listing of the Company’s Series A Preferred Shares on the TSX Venture Exchange (the “TSXV”).Completion of the listing is subject to certain customary conditions including the filing of final documentation with the TSXV. It is anticipated Magnetic North’s Series A Preferred Shares will trade on the TSXV under the ticker symbol “MNC.PR.A” in due course.Andrew Osis, Co-CEO Magnetic North stated, “This is a significant milestone in Magnetic North’s history. The listing of the Series A Preferred Shares is the final step in establishing our capital structure for the benefit of our shareholders over the long-term.”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 TSXV.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 trade on the TSX Venture Exchange under the stock symbol MNC. 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 McCormick Investor RelationsVP, Capital Markets 403-561-8989403-619-6898 graeme@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 INFORMATIONThis 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 the listing of the Series A Preferred Shares on the TSXV.The Company has made certain material assumptions, including but not limited to assumptions with respect 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.