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CALGARY, AB and TORONTO, Feb. 28, 2025 /CNW/ - Magnetic North Acquisition Corp. (TSXV: MNC) ("Magnetic North" or the "Company") as first announced on December 30, 2024 and updated on February 12, 2025 the Company intends to complete a non-brokered private placement of Series A Preferred Shares of the Company ‎("Preferred Shares‎") at a price of US$5.50 or CAD$7.70 per Preferred Share for gross proceeds of up to ‎US$‎11,000,000 or CAD$15,400,000 (the "Offering"). Closing of the Offering has been extended and is currently anticipated to occur on or before March 21, 2025. The Company intends to use the net proceeds from the Offering for investment activities and for general corporate purposes‎.

As previously announced, completion of the Offering is subject to several conditions, including receipt by the Company of the subscription funds and TSX Venture Exchange ("TSXV") final acceptance. There can be no assurance that the Offering will be completed as proposed, or at all.

The Company currently has ‎1,750,825 ‎Preferred Shares issued and outstanding and expects to issue up to ‎2,000,000‎ Preferred Shares under the Offering, which will represent up to approximately 53.3% of the outstanding Preferred Shares following the completion of the Offering. The Preferred Shares issued pursuant to the Offering will be subject to a hold ‎period of four months plus one ‎day from the date of closing of the Offering in accordance with securities laws.‎

The Preferred Shares are non-voting and non-convertible and are listed on the TSXV under the symbol "MNC.PR.A". For more information on the terms, rights and privileges of the Preferred Shares, please see the management information ‎circular of the ‎Company dated September 23, 2020 available on ‎the Company's SEDAR+ profile at www.sedarplus.ca‎.

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. The TSX Venture recently announced that Magnetic North is 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.sedarplus.ca.