Mr. Graeme Dick reports

MAGNETIC NORTH ACQUISITION CORP. ENTERS INTO NEW CREDIT FACILITY

Magnetic North Acquisition Corp. has entered into a commitment letter with a Canadian financial institution (the lender). Under the credit agreement, the lender has made available to the company a non-revolving demand facility in the principal amount of $10-million (U.S.). The facility bears interest at U.S. prime plus 1.5 per cent per annum and will be used by the company for investment purposes.

The company also received a non-interest-bearing loan in the principal amount of $250,000 from an arm's-length shareholder of the company to be used by the company for general corporate purposes. Subject to the approval of the TSX Venture Exchange, the company will grant to the shareholder an aggregate of 550,000 warrants as consideration for providing the loan and for providing the letter of credit in connection with the credit agreement. Each warrant will entitle the holder to purchase one Series A preferred share in the capital of the company at an exercise price equal to $7.50 per share for a period of 12 months from the date of issuance.

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, its 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. Magnetic North is a TSX Venture 2021 TSX Venture 50 recipient.

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