Magnetic North Acquisition Corp. Announces an Initial Closing of the Non-Brokered Private Placement

Group 1 - Magnetic North Acquisition Corp. has completed an initial closing of its non-brokered private placement, raising CAD$200,000 [1] - The offering consists of unsecured, interest-bearing promissory notes with a total gross proceeds target of up to CAD$500,000, offering an interest rate of 10% [2] - The term of the offering is set for 60 days from the closing date of each tranche, with each promissory note having a face value of CAD$10,000 [2] Group 2 - The company aims to utilize the net proceeds from the offering for general corporate purposes [2] - Magnetic North focuses on investing and managing businesses, emphasizing that capital alone does not guarantee success [3] - The company has been recognized as a "2021 TSX Venture 50" recipient, indicating its strong performance within the TSX Venture Exchange [3]