Magnetic North Acquisition Corp. announced a non-brokered private placement of up to 105,264 units for at an issue price of CAD 9.5 per unit gross proceeds of up to up to CAD 1,000,008 on April 11, 2022. Each unit will consist of one series A preferred share and one series A preferred share purchase warrant.

Each warrant will entitle the holder thereof to purchase one additional series A preferred share at a price of CAD 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 whereby, in the event the 10-day weighted average trading price of the series A preferred Shares on the TSX Venture Exchange exceeds CAD 20.00 at any time, the corporation will have the right to accelerate the expiry date of the warrants to 30 days from the date of issuance of a news release of the company announcing the accelerated exercise period. Completion of the transaction will be subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.

In connection with the transaction, company may pay finder's fees to eligible placement agents.