CALGARY, Alberta and TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that its principal regulator, the Alberta Securities Commission (the “ASC”), has accepted the Company’s request for, and the ASC has granted, a management cease trade order (the “MCTO”).

As previously announced on May 8, 2025, the application for the MCTO was made by the Company due to a delay in the preparation and filing of the Company’s annual audited financial statements for the financial year ended December 31, 2024, the accompanying management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Filings”), which were due April 30, 2025.

The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Co-‎Chief Executive Officers and the Chief Financial Officer until such ‎time as the Annual Filings have been filed by the Company and the MCTO has been lifted. The ‎MCTO does not affect the ability of shareholders who are not insiders of the Company to trade ‎their securities. However, the applicable Canadian securities regulatory authorities could ‎determine, in their discretion, that it would be appropriate to issue a general cease trade order ‎against the Company affecting all of the securities of the Company‎‎‎. Until the Company has filed the Annual Filings, members of the Company’s management and ‎other insiders are subject to an insider trading black-out policy as per its internal Insider Trading ‎Policy that is consistent with the principles in Section 9 of National Policy 11-207.

The Company continues to work to complete the Annual Filings and ‎expects to file the Annual Filings by June 30, 2025, and will issue a news release once the Annual ‎Filings have been filed‎.

During the MCTO, the Company confirms that it will comply with the provisions of the alternative ‎information guidelines set out in National Policy 12-203 respecting Management Cease Trade ‎Orders for as long as it remains in default, including the issuance of bi-weekly default status ‎reports, each of which will be issued in the form of a news release. Further, if the Company ‎provides any information to any of its creditors during the period in which it is in default of filing ‎the Annual Financial Statements, the Company confirms that it will also file material change ‎reports on SEDAR containing such information. The Company confirms that there is no other ‎material information concerning the affairs of the Company that has not been generally disclosed ‎as of the date of this press release‎.