- Magnetic North Acquisition Corp. (MNC) closes the first tranche of its previously announced private placement for gross proceeds of $1 million
- Last week, it issued 37,898 series A preferred share units at $9.50 per unit
- Each unit has one series A preferred share (SAPS) and one SAPS purchase warrant
- The company paid finders’ fees of $20,973.03 related to this closing
- Magnetic North invests and manages businesses on behalf of its shareholders
- Magnetic North Acquisition Corp. (MNC) is unchanged trading at $0.10 per share as of 2:52 p.m. ET
Magnetic North Acquisition Corp. (MNC) has closed the first tranche of its non-brokered private placement for gross proceeds of approximately $1 million.
Last week, the company issued 37,898 series A preferred share units at $9.50 per unit for gross proceeds of $360,031.00 for the first closing of the financing.
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.
Each unit was made up of one series A preferred share and one series A preferred share purchase warrant. Each warrant entitles the holder to purchase one additional series A preferred share at a price of $10.00 per share until the fifth anniversary of the financing’s closing date.
Magnetic North paid finders’ fees of $20,973.03 related to this closing
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, Magnetic North has the right to accelerate the expiry date of the warrants to 30 days from the date of issuance.
The company intends to use the net proceeds from the financing for general corporate purposes, and other investments.
Magnetic North invests and manages businesses on behalf of its shareholders.
Magnetic North Acquisition Corp. (MNC) is unchanged trading at $0.10 per share as of 2:52 p.m. ET.
