- Magnetic North Acquisition Corp. (MNC) intends to conduct a non-brokered private placement of Series A Preferred Shares for gross proceeds of up to $2 million
- Proceeds of the financing are intended for investment by the corporation in certain opportunities and for general corporate purposes
- The Series A Preferred Shares are listed on the TSXV and trade under the symbol MNC.PR.A
- Magnetic North Acquisition Corp. Series A Preferred Shares (MNC.PR.A) are unchanged trading at $8.50 per share as of 2:56 p.m. ET
- Magnetic North Acquisition Corp. (MNC) is up 5.26 per cent and is trading at $0.20 per share as of 2:55 p.m. ET.
Magnetic North Acquisition (MNC) has announced a non-brokered private placement of Series A Preferred Shares for gross proceeds of up to $2 million.
The aggregate proceeds of the financing may be increased at the discretion of Magnetic North due to market demand.
Proceeds will be used as investment capital and for general corporate purposes.
The first tranche is expected to close on or about November 22, 2021.
Magnetic North has already received orders of approximately $1 million according to the financing terms.
The financing consists of up to 210,527 units at a price of$9.50 per unit. Each unit is comprised of one Series A Preferred Shares.
Each warrant will entitle the holder 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 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.
The corporation will then have the right to accelerate the expiry date of the warrants to 30 days after issuing a news release.
The Series A Preferred Shares are listed on the TSXV and trade under the symbol MNC.PR.A.
The warrants will not be listed on the TSXV, and the financing is subject to the acceptance of the TSXV.
The Series A Preferred Shares will be offered in Canadian jurisdictions to “accredited investors” and other exemptions from the prospectus requirements as determined by Magnetic North.
Magnetic North Acquisition Corp. Series A Preferred Shares (MNC.PR.A) are unchanged trading at $8.50 per share as of 2:56 p.m. ET.
Magnetic North Acquisition Corp. (MNC) is up 5.26 per cent and is trading at $0.20 per share as of 2:55 p.m. ET.
