Magnetic North Acquisition Corp.: Cease Trade Order Revoked
Tuesday, Oct 22, 2024 1:00 pm ET
1min read Magnetic North Acquisition Corp. (TSXV: MNC) (TSX: MNC.PR.A), a Toronto and Calgary-based investment company, has recently announced the revocation of the cease trade order (CTO) issued by the Alberta Securities Commission (ASC). The CTO was imposed on July 12, 2024, due to the company's failure to file continuous disclosure documents in accordance with National Instrument 51-102 – Continuous Disclosure Obligations.
To remedy the default, Magnetic North submitted the required filings, including audited annual financial statements for the year ended December 31, 2023, management's discussion and analysis, and related officer certifications for the year ended December 31, 2023. Additionally, the company filed interim financial statements and related documents for the periods ended March 31, 2024, and June 30, 2024. These filings have led to the revocation of the CTO, as expected by the company.
The revocation of the CTO allows Magnetic North to resume trading its common shares and preferred shares on the TSX Venture Exchange. This development is crucial for the company's ability to raise capital and attract investors. With the CTO lifted, Magnetic North can now focus on its core business of investing and managing companies on behalf of its shareholders.
Magnetic North's management team, led by Co-Chief Executive Officers Andrew Osis and Kevin Spall, has taken steps to ensure compliance with continuous disclosure obligations. The company has implemented robust internal controls and procedures to prevent future defaults. Additionally, Magnetic North has strengthened its investor relations efforts to rebuild investor confidence and restore its reputation following the CTO.
The revocation of the CTO is a significant milestone for Magnetic North, as it allows the company to move forward and focus on its core business. The company's experienced management team and commitment to compliance will be essential in rebuilding investor confidence and driving future growth.
In conclusion, the revocation of the cease trade order is a positive development for Magnetic North Acquisition Corp. The company has taken the necessary steps to remedy the default and ensure compliance with continuous disclosure obligations. With the CTO lifted, Magnetic North can now focus on its core business and work towards rebuilding investor confidence and driving future growth.
To remedy the default, Magnetic North submitted the required filings, including audited annual financial statements for the year ended December 31, 2023, management's discussion and analysis, and related officer certifications for the year ended December 31, 2023. Additionally, the company filed interim financial statements and related documents for the periods ended March 31, 2024, and June 30, 2024. These filings have led to the revocation of the CTO, as expected by the company.
The revocation of the CTO allows Magnetic North to resume trading its common shares and preferred shares on the TSX Venture Exchange. This development is crucial for the company's ability to raise capital and attract investors. With the CTO lifted, Magnetic North can now focus on its core business of investing and managing companies on behalf of its shareholders.
Magnetic North's management team, led by Co-Chief Executive Officers Andrew Osis and Kevin Spall, has taken steps to ensure compliance with continuous disclosure obligations. The company has implemented robust internal controls and procedures to prevent future defaults. Additionally, Magnetic North has strengthened its investor relations efforts to rebuild investor confidence and restore its reputation following the CTO.
The revocation of the CTO is a significant milestone for Magnetic North, as it allows the company to move forward and focus on its core business. The company's experienced management team and commitment to compliance will be essential in rebuilding investor confidence and driving future growth.
In conclusion, the revocation of the cease trade order is a positive development for Magnetic North Acquisition Corp. The company has taken the necessary steps to remedy the default and ensure compliance with continuous disclosure obligations. With the CTO lifted, Magnetic North can now focus on its core business and work towards rebuilding investor confidence and driving future growth.
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