Magnetic North Announces Appointment of Vice President of Capital Markets and Granting of Stock Options

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CALGARY, Alberta and TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) ("Magnetic North" or the "Company"), is pleased to announce the appointment of Stephen McCormick as Vice President of Capital Markets of the Company.

Mr. McCormick is a senior executive with over twenty years of experience across various industry sectors, including investment management, telecom and information technology. Mr. McCormick has formerly held positions with BMO Nesbitt Burns providing integrated wealth management solutions for high net worth clients, as well as, working on corporate structures for private businesses. His proven track record and expertise in finance, marketing, business transformation and business development is invaluable to Magnetic North and its shareholders.

Magnetic North is also pleased to announce the granting of an aggregate of 500,000 stock options (the "Options") to certain officers, directors, consultants and employees of the Company. The Options are exercisable for a periods of up to five years from the date of grant at a price of $0.64 per share.

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 shares trade on the TSX Venture Exchange under the stock symbol MNC. 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.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

This news release may contain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.

The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company's portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.