Magnetic North Acquisition Corp. Plans to Restate Audited Financial Information for the Year Ended December 31, 2020 and Provides Update on Status of Management Cease Trade Order

CALGARY, Alberta and TORONTO, June 09, 2022 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that it has decided to restate its financial statements for the year ended December 31, 2020 (the “2020 Restatement”). The decision to restate followed a review conducted by the Company’s new auditor and management’s consideration of the application of IFRS 10 for the Company’s investment companies, wherein it was determined that the consolidation of investment in CXTL Recycling (Canada) Corp. included in the financial statements as well as the application of other accounting policies were not appropriate given that Magnetic North is an investment entity. The material changes to be included in the 2020 Restatement will affect the Company’s balance sheet and income statement. The decision to restate followed an audit review and the impact will be confirmed during the finalization of the Company’s 2021 audited financial statements.

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