Mr. Stephen McCormick reports

MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES CEASE TRADE ORDER

The Alberta Securities Commission (ASC) has issued a cease trade order against Magnetic North Acquisition Corp. for the company's failure to file its audited annual financial statements, accompanying management discussion and analysis, and certifications for the financial year ended Dec. 31, 2022, and the corresponding interim financial statements, management discussion and analysis, and certifications for the period ended March 31, 2023. As previously announced, the company has experienced unexpected delays in the preparation of its annual filings, which were due May 1, 2023.

The cease trade order prohibits the trading or purchase by any person or company of any securities of Magnetic North in each jurisdiction in Canada in which the company is a reporting issuer for as long as the cease trade order remains in effect; however, the cease trade order provides an exception for beneficial securityholders of the company who are not currently (and who were not as of July 4, 2023), insiders or control persons of the company may sell securities of the company if both of the following criteria are met: (a) the sale is made through a foreign organized regulated market, as defined in Section 1.1 of the universal market integrity rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. The cease trade order revokes the management cease trade order previously issued by the ASC and will remain in place until such time as the required filings have been filed, following which the company expects that the ASC will revoke the cease trade order.

The company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the company that has not been generally disclosed.

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, the company's 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 and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a 2021 TSX Venture 50 recipient.

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