Magnetic North Acquisition Corp. announced a non-brokered private placement on December 30, 2024. The company will issue up to 2,000,000 Series A Preferred Shares at a price of CAD 7.90 per preferred share for gross proceeds of up to CAD 15,800,000.
The transaction will include participation from US-based private equity firm. Completion of the Offering is subject to several conditions, including receipt by the Company of the subscription funds from the investors and TSX Venture Exchange final acceptance. Closing is anticipated to occur on or about January 9, 2025.
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.
