Core Points - Magnetic North Acquisition Corp. has received a cease trade order from the Alberta Securities Commission due to the failure to file audited annual financial statements for the year ended December 31, 2024, and interim financial statements for the three-month period ended March 31, 2025 [1][2] - The cease trade order prohibits trading or purchasing of Magnetic North's securities in Canada, with exceptions for certain beneficial securityholders under specific conditions [2] - The company has confirmed that there is no other material information regarding its affairs that has not been disclosed [3] 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, leveraging management, operations, and capital markets expertise to enhance the success of its investee companies [4] - Magnetic North's common and preferred shares are traded on the TSX Venture Exchange under the symbols MNC and MNC.PR.A, respectively [4]

Core Viewpoint - Magnetic North Acquisition Corp. is currently under a management cease trade order due to its inability to file audited annual financial statements for the year ended December 31, 2024, by the required deadline of April 30, 2025, but expects to file these documents by June 30, 2025 [1][2]. Group 1 - The management cease trade order (MCTO) was granted by the Alberta Securities Commission on May 9, 2025, following the company's default announcement on May 8, 2025 [1]. - The company is committed to satisfying the alternative information guidelines under NP 12-203 and will issue bi-weekly default status reports until the filing delay is resolved [2]. - There are no anticipated specified defaults or insolvency proceedings affecting the company at this time [2]. Group 2 - Magnetic North Acquisition Corp. invests and manages businesses on behalf of its shareholders, emphasizing that capital alone does not guarantee success [3]. - The company operates offices in Calgary and Toronto and has a management team with significant expertise in management, operations, and capital markets [3]. - Magnetic North's common and preferred shares are traded on the TSX Venture Exchange under the symbols MNC and MNC.PR.A, respectively, and it was recognized as a "2021 TSX Venture 50" recipient [3].

Group 1 - Magnetic North Acquisition Corp. has completed an initial closing of its non-brokered private placement, raising CAD$200,000 [1] - The offering consists of unsecured, interest-bearing promissory notes with a total gross proceeds target of up to CAD$500,000, offering an interest rate of 10% [2] - The term of the offering is set for 60 days from the closing date of each tranche, with each promissory note having a face value of CAD$10,000 [2] Group 2 - The company aims to utilize the net proceeds from the offering for general corporate purposes [2] - Magnetic North focuses on investing and managing businesses, emphasizing that capital alone does not guarantee success [3] - The company has been recognized as a "2021 TSX Venture 50" recipient, indicating its strong performance within the TSX Venture Exchange [3]

Core Viewpoint - Magnetic North Acquisition Corp. is planning a non-brokered private placement of unsecured, interest-bearing promissory notes to raise up to CAD$500,000 with a 10% interest rate [1][2] Group 1: Offering Details - The Offering will consist of unsecured promissory notes with a face value of CAD$10,000 each [1] - The anticipated closing of the Offering will occur in multiple tranches, with the first tranche expected to close by May 15, 2025 [2] - A cash commission of up to 7% will be payable to qualified agents based on the total amount raised [2] Group 2: Use of Proceeds - The net proceeds from the Offering will be utilized for general corporate purposes [2] Group 3: Repayment Options - The Company and investors may agree to repayment in kind, using Series A Preferred shares based on a price determined by the average price in the five trading days preceding the end of the Term [3] Group 4: Company Overview - Magnetic North Acquisition Corp. invests and manages businesses, emphasizing that capital alone does not guarantee success [4] - The Company operates from Calgary and Toronto, leveraging management and capital markets expertise to enhance the success of its investee companies [4] - Magnetic North's common and preferred shares are traded on the TSX Venture Exchange under the symbols MNC and MNC.PR.A, respectively [4]

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].