- Magnetic North Acquisition Corp. (MNC) has closed the first tranche of its non-brokered private placement of Series A preferred shares for gross proceeds of up to $2 million
- The financing consists of up to 210,527 units at $9.50 per unit
- On December 3, 2021, Magnetic North Acquisition completed the issuance of 105,264 units of series A preferred shares at a price of $9.50 per share for gross proceeds of $1 million
- Magnetic North invests and manages businesses on behalf of its shareholders and its experienced management team applies its considerable skills, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders
- Magnetic North Acquisition Corp. (MNC) is unchanged trading at $0.20 per share as of 1:44 p.m. EST
Magnetic North Acquisition (MNC) has closed the first tranche of its previously announced non-brokered private placement of Series A preferred shares.
The financing consists of up to 210,527 units at $9.50 per unit.
Each unit is comprised of one Series A Preferred Share and one Series A Preferred Share purchase warrant for the gross proceeds.
On December 3, 2021, Magnetic North Acquisition completed the issuance of 105,264 units of series A preferred shares at a price of $9.50 per share for gross proceeds of $1 million.
The company paid no finder’s fees relating to the completion of the first tranche.
Each warrant will entitle the holder thereof to purchase one additional series A preferred share at a price of $10.00 per share during the period ending on the fifth anniversary of the closing date of the financing.
The warrants will have an acceleration provision where in the event the 10 day weighted average trading price of the Series A preferred shares on the TSX Venture Exchange exceeds $20.00 at any time.
If that were to happen then Magnetic North Acquisition will have the right to accelerate the expiry date of the warrants to 30 days from the date of issuance of a news release of the company announcing the accelerated exercise period.
Magnetic North invests and manages businesses on behalf of its shareholders and its experienced management team applies its considerable skills, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders.
Magnetic North Acquisition Corp. (MNC) is unchanged trading at $0.20 per share as of 1:44 p.m. EST.
