Magnetic North Acquisition Corp. Provides Bi-Weekly Update on Status of Management Cease Trade Order

CALGARY, Alberta and TORONTO, June 20, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) is providing this bi-weekly update on the status of the management cease trade order granted on May 9, 2025 (the “MCTO”) by its principal regulator, the Alberta Securities Commission (“ASC”) , under National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”), following the Company’s announcement on May 8, 2025 (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, 2024 (the “Documents”) ‎on or before April 30, 2025, as required under applicable securities laws. The Company does not expect to file the Documents by the MCTO’s deadline of June 30, 2025. See (ii) below.

There are no material changes to the information contained in the Default Announcement, other than as set out in (ii) below. 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’s most recent discussions with its auditors indicated that the 2024 audit work would not be completed by June 30^th and, as a result, the Documents will not be filed by June 30, 2025. Based on that updated information, the Company will make application to the ASC to extend the MCTO deadline to July 31, 2025; and (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. Magnetic North was 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.

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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.‎

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