Magnetic North Announces Ha Tran as Chief Financial Officer; Issues Grant of Stock Options

Calgary, Alberta, CANADA


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CALGARY, Alberta and TORONTO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”), is pleased to announce Ha Tran as Chief Financial Officer.

Ms. Tran has over eighteen years of experience in corporate financial reporting, audit and financial management in various industries including mining, manufacturing, technology and construction. Prior to joining Magnetic North, she held several positions at DIRTT Environmental Solutions Ltd., the most recent being Vice President Finance. She was instrumental with DIRTT's initial public offering in November 2013. Ms. Tran is a Chartered Professional Accountant.

Magnetic North is also pleased to announce a grant of stock options (the “Options”) in accordance with the terms and conditions of the Company’s Stock Option Plan to certain officers, directors, various consultants and employees of the Company, to purchase an aggregate of 500,000 common shares in the capital stock of the Company. The Options are exercisable for a period of five years from the date of grant at a price of $0.65 per share.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our 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 Common Shares trade on the TSX Venture Exchange under the stock symbol MNC. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.

For further information, please contact:

Graeme Dick
Investor Relations
403-561-8989
graeme@colwellcapital.com
Kevin Spall
Co-CEO

kevin@magneticnac.com
Andrew Osis
Co-CEO

andrew@magneticnac.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position.

The forward-looking information in this news release includes the business and operations of the Company after the completion of the Transaction.

The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives after the closing of the Transaction, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company's portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.