**Not for distribution to United States Newswire Companies or launch publication, distribution or dissemination, immediately or not directly, in the USA. Any failure to adjust to this restriction might represent a violation of U.S. Securities Legal guidelines.**
CALGARY, Alberta and TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Firm”) is happy to announce that it has closed its acquisition of Intergild Superior Recycling Applied sciences Corp. (the “Transaction”) as beforehand introduced on August 26, 2020.
Pursuant to the share buy settlement dated efficient August 24, 2020, Magnetic North acquired all issued and excellent shares of Intergild in consideration for (a) the issuance of an combination of 400,000 Collection A Most well-liked Shares of the Firm at a worth of $10.00 per share, (b) a money fee within the quantity of $53,000, and (c) a promissory word within the quantity of $377,000, which is due and payable inside 60 days of the time limit. Intergild is now a wholly-owned subsidiary of Magnetic North.
Graham Fritz, Founder and former CEO of Intergild has joined the Magnetic North Board of Advisors to help with e-waste sourcing, additional technological initiatives and evaluating future deal movement below the route of administration. In reference to the Transaction, the Firm issued 300,000 inventory choices of the Firm to Mr. Fritz and 300,000 warrants of the Firm to the opposite shareholder of Intergild, with every choice and warrant entitling the holder to accumulate one frequent share of the Firm at a worth $0.70 per share for a time period of 5 years.
Magnetic North intends to merge Intergild into the Firm’s beforehand introduced and closed funding in CXTL Recycling Canada Corp. (“CXTL”) to reinforce CXTL’s e-waste recycling resolution. Intergild will add important experience and a course of that enables for the selective separation of the plastic, fibre and steel elements of e-waste, and the crystallization of the metals, into marketable commodities. As well as, the acquisition of Intergild will add potential patentable mental property to CXTL, and because of this, Magnetic North’s portfolio.
The mixing into CXTL will create an entire e-waste recycling resolution, which gives full reclamation and monetization for all components of the e-waste stream in a low-emission system that doesn’t require smelting or a high-energy enter. Magnetic North, CXTL and Intergild have been working intently collectively for the final ten months in order to advance Intergild’s know-how, with optimized demonstration machines working efficiently for the final 4 months. Unbiased third-party due diligence has been accomplished, and engineering stories have licensed the method.
E-waste is without doubt one of the quickest rising waste issues on the planet. In accordance with the United Nations Coalition Report on E-waste, the expansion and worth of this waste stream presents a major international downside, which administration believes presents a major alternative for the Firm. The report references the worth of the gold in e-waste that was discarded in 2019 at an estimated US$62.5 billion, which can finally be doubled when e-waste’s different precious metals and elements are thought-about.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages companies on behalf of its shareholders and believes that capital alone doesn’t at all times result in success. With workplaces in Calgary and Toronto, our skilled administration staff applies its appreciable administration, operations and capital markets experience to make sure its investee firms are as profitable as doable for shareholders. Magnetic North Widespread Shares commerce on the TSX Enterprise Alternate below the inventory image MNC. For extra details about Magnetic North, go to its web site at www.magneticnac.com. Magnetic North’s securities filings may also be accessed at www.sedar.com.
For additional data, please contact:
Neither the TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this information launch.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This information launch comprises “forward-looking data” inside the which means of Canadian securities laws. Ahead-looking data typically refers to details about an issuer’s enterprise, capital, or operations that’s potential in nature, and consists of future-oriented monetary details about the issuer’s potential monetary efficiency or monetary place. The forward-looking statements embody, however are usually not restricted to, statements with respect to the profitable integration of the Intergild enterprise and know-how and the expansion and worth of the e-waste stream, that are additionally topic to sure dangers, together with these set forth under.
The Firm has made sure materials assumptions, together with however not restricted to assumptions with respect to: prevailing market circumstances; basic enterprise, financial, aggressive, political and social uncertainties; and the flexibility of the Firm to execute and obtain its enterprise aims to develop the forward-looking data on this information launch. There could be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on forward-looking statements.
Precise outcomes might differ from the forward-looking data on this information launch as a consequence of sure materials threat components. These threat components embody however are usually not restricted to: the truth that Intergild has a restricted historical past of operations; limitations inherent within the due diligence course of; antagonistic market circumstances; reliance on key and certified personnel; emergence of superior applied sciences; in addition to regulatory and different dangers related to the industries by which every of Intergild and the Firm’s different portfolio firms function. The Firm cautions that the foregoing checklist of fabric threat components and assumptions just isn’t exhaustive.
The Firm assumes no obligation to replace or revise the forward-looking data on this information launch, except it’s required to take action below Canadian securities laws.
