- Magnetic North Acquisition Corp. (MNC) confirms that a cease trade order (MCTO) has been issued by the Alberta Securities Commission (ASC)
- Magnetic North’s application for the MCTO resulted from its inability to file its audited annual financial statements
- The default is due, in part, to its auditor’s inability to complete the work required to issue the documents due to the restrictions on business activities as a result of COVID-19
- Magnetic North Acquisition Corporation is a Toronto and Calgary-based investment company that builds value by applying capital and management
- Magnetic North Acquisition Corp. (MNC) is in the grey and is trading at C$0.30 at 12:10 pm ET
Magnetic North Acquisition Corp. (MNC) confirms that management cease trade order has been issued by the Alberta Securities Commission.
As previously announced on April 28, 2021, Magnetic North’s application for the MCTO resulted from its inability to file its audited annual financial statements.
Management’s discussion and analysis and related certifications for the 15 months ended December 31, 2020, on or before April 30, 2021, as required under applicable securities laws.
The default is due, in part, to business and administrative disruption experienced by Magnetic North in respect of both its own personnel and its auditor’s inability to complete the work required to issue the documents due to the restrictions on business activities as a result of COVID-19 in Canada.
The default is also due to the additional amount of work required by Magnetic North and its auditors in connection with several factors.
One factor is the change of year-end which increased the time period under the audit to 15 months, this being the first full audit of Magnetic North as an investment issuer, and all of this compounded by MNP being appointed it’s new auditors in October 2020.
The MCTO restricts trading in securities of Magnetic North by management of the Company until such time as the documents have been filed by Magnetic North and the MCTO is no longer in effect.
The MCTO does not affect the ability of shareholders who are not company insiders to trade their securities.
Magnetic North Acquisition Corporation is a Toronto and Calgary-based investment company that builds value by applying capital and management
With offices in Calgary and Toronto, Magnetic North’s 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 Acquisition Corp. (MNC) is in the grey and is trading at C$0.30 at 12:10 pm ET.