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

Core Viewpoint - Magnetic North Acquisition Corp. has announced a delay in filing its Annual Filings due to challenges in completing a financing transaction for additional working capital, but expects to resolve these issues and file by June 30, 2025 [1][2]. Group 1: Filing Delays and Financing - The company did not meet the April 30 deadline for its Annual Filings due to ongoing challenges related to financing [1]. - An initial financing is expected to be completed within five to seven business days, with necessary documentation currently being finalized [1]. - The company has applied for a Management Cease Trade Order from the Alberta Securities Commission to prevent management from trading securities until the Annual Filings are submitted [1]. Group 2: Compliance and Reporting - The 2024 audit is anticipated to start in the last week of May, with the company planning to file the Annual Filings by June 30, 2025 [2]. - During the default period, the company will adhere to alternative information guidelines, including issuing bi-weekly default status reports until the Annual Filings are completed [2]. - Management and insiders are subject to an insider trading blackout policy until the Annual Filings are filed [3]. Group 3: Business Developments - There have been no material business developments since the last interim financial report filed on November 28, 2024, for the period ending September 30, 2024 [3]. - The company confirms that there are no insolvency proceedings currently involving it [3]. Group 4: Company Overview - Magnetic North Acquisition Corp. invests and manages businesses on behalf of its shareholders, emphasizing that capital alone does not guarantee success [4]. - The company operates offices in Calgary and Toronto and has been recognized as a "2021 TSX Venture 50" recipient [4].