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CALGARY, Alberta and TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce that it has closed its acquisition of Intergild Advanced Recycling Technologies Corp. (the “Transaction”) as previously announced on August 26, 2020.
Pursuant to the share purchase agreement dated effective August 24, 2020, Magnetic North acquired all issued and outstanding shares of Intergild in consideration for (a) the issuance of an aggregate of 400,000 Series A Preferred Shares of the Company at a price of $10.00 per share, (b) a cash payment in the amount of $53,000, and (c) a promissory note in the amount of $377,000, which is due and payable within 60 days of the closing date. 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 assist with e-waste sourcing, further technological initiatives and evaluating future deal flow under the direction of management. In connection with the Transaction, the Company issued 300,000 stock options of the Company to Mr. Fritz and 300,000 warrants of the Company to the other shareholder of Intergild, with each option and warrant entitling the holder to acquire one common share of the Company at a price $0.70 per share for a term of five years.
Magnetic North intends to merge Intergild into the Company’s previously announced and closed investment in CXTL Recycling Canada Corp. (“CXTL”) to augment CXTL’s e-waste recycling solution. Intergild will add significant expertise and a process that allows for the selective separation of the plastic, fibre and metal components of e-waste, and the crystallization of the metals, into marketable commodities. In addition, the acquisition of Intergild will add potential patentable intellectual property to CXTL, and as a result, Magnetic North’s portfolio.
The integration into CXTL will create a complete e-waste recycling solution, which provides full reclamation and monetization for all parts of the e-waste stream in a low-emission system that does not require smelting or a high-energy input. Magnetic North, CXTL and Intergild have been working closely together for the last ten months in order to advance Intergild’s technology, with optimized demonstration machines operating successfully for the last four months. Independent third-party due diligence has been completed, and engineering reports have certified the process.
E-waste is one of the fastest growing waste problems on the planet. According to the United Nations Coalition Report on E-waste, the growth and value of this waste stream presents a significant global problem, which management believes presents a significant opportunity for the Company. The report references the value of the gold in e-waste that was discarded in 2019 at an estimated US$62.5 billion, which may ultimately be doubled when e-waste’s other valuable metals and components are considered.
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 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.
For further information, please contact:
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 contains “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 forward-looking statements include, but are not limited to, statements with respect to the successful integration of the Intergild business and technology and the growth and value of the e-waste stream, which are also subject to certain risks, including those set forth below.
The Company has made certain material assumptions, including but not limited to assumptions with respect 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: the fact that Intergild has a limited history of operations; limitations inherent in the due diligence process; adverse market conditions; reliance on key and qualified personnel; emergence of superior technologies; as well as regulatory and other risks associated with the industries in which each of Intergild and the Company's other portfolio companies operate. 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.
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