**Not for distribution to United States News Services or release publication, distribution or dissemination, directly or indirectly, in the United States**CALGARY, Alberta and TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce that Calgary based Colwell Capital (“Colwell”) has agreed to provide the Company with investor relations services.
Colwell is a Calgary-based investor relations firm that has represented public and private clients in the biotechnology, technology, resource and industrial sectors for over 19 years. Graeme Dick, Colwell President, will work directly with the Magnetic team on an as needed go-forward basis, with the primary focus is to introduce Magnetic North to Colwell’s Canadian retail, institutional, analyst and social media networks. Magnetic will issue 400,000 options priced at the time of close on February 10, 2020 ($0.1575) as compensation to Colwell for ongoing investor relations services. In addition, Colwell will receive a monthly retainer of $5,000.00 for a period of at least 12 months. Mr. Dick nor Colwell will have an option to, nor intend to acquire a controlling interest in Magnetic North.About Magnetic North Acquisition Corp.Magnetic North invests and manages capital on behalf of its shareholders and believes that capital alone does not always lead to success when making investments in portfolio companies. With offices in Calgary and Toronto, our experienced management team applies its considerable capital markets and management expertise to ensure portfolio companies are as successful as possible for shareholders. Magnetic North 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:The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATIONThis 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.
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