Magnetic North Updates Timeline for $11M Private Placement

An announcement from Magnetic North Acquisition ( (TSE:MNC) ) is now available.

Magnetic North Acquisition Corp. announced an update on the timing of its non-brokered private placement of Series A Preferred Shares, aiming to raise up to US$11 million. The closing of this offering has been extended, expected by February 28, 2025, with funds intended for investment activities and corporate purposes. However, the completion of the offering is contingent upon certain conditions, including receipt of subscription funds and final acceptance from the TSX Venture Exchange. The offering’s success would result in issuing up to 2,000,000 Preferred Shares, representing approximately 53.3% of the outstanding Preferred Shares post-completion.

More about Magnetic North Acquisition

Magnetic North Acquisition Corp. is an investment firm that manages businesses on behalf of its shareholders, emphasizing that capital alone does not guarantee success. With offices in Calgary and Toronto, the company leverages its management, operations, and capital markets expertise to enhance the success of its investee companies. Its common and preferred shares are traded on the TSX Venture Exchange under the symbols MNC and MNC.PR.A, respectively.

YTD Price Performance: 2.50%

Average Trading Volume: 2,490

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $5.38M

For detailed information about MNC stock, go to TipRanks’ Stock Analysis page.