Magnetic North Acquisition Corp. Adopts Omnibus Incentive Plan

Written by Customer Service on . Posted in Public Companies.

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CALGARY, Alberta and TORONTO, Nov. 10, 2020 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) reports that at its annual general and special meeting of common shareholders held on November 10, 2020, Magnetic North’s disinterested common shareholders approved the adoption of an omnibus incentive plan (the “Omnibus Plan”) for purposes of attracting, retaining and motivating key individuals. Please refer to the management information circular of the Company dated September 23, 2020 available on SEDAR at www.sedar.com under the Company’s profile for a copy and summary of the Omnibus Plan.
The Company also announces today that it has granted a total of 100,000 options to an officer of the Company, subject to regulatory approval. Each option is exercisable to purchase ‎one common share of the Company at $0.79 per share for a period of five years from the date of ‎issuance. Magnetic North has determined that there are exemptions available from the various ‎requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these ‎options (Formal Valuation – Issuer Not Listed on Specified Markets; Minority Approval – Fair Market Value ‎Not More Than 25 Per Cent of Market Capitalization).‎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, our 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. 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.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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