MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES SHAHID QURESHI AS DIRECTOR OF THE CORPORATION
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CALGARY, AB and TORONTO, Oct. 11, 2023 /CNW/ - Magnetic North Acquisition Corp. (TSXV: MNC) (TSXV: MNC.PR.A) ("Magnetic North" or the "Company") is pleased to announce Shahid Qureshi has joined the Board of Directors.
Shahid is a certified Board Director from ICD Canada with over 25 years of experience in finance, cyber security, governance, and risk management. Shahid is currently the Chief Executive Officer of Leverage Global Inc. and holds senior governance roles with the Federal Government. Shahid was a risk advisory leader with KPMG Canada and helped Fortune 500 companies with optimizing their strategic, technological, financial, operational, and transformational goals. Shahid has more than two decades of international experience as a Board Director and sits on audit, risk, investment, and governance committees across the globe.
Shahid has extensive international experience as a business leader and has helped organizations succeed in Canada, Asia, Middle East, Far East, Europe, United States of America, United Kingdom, Caribbean, and Africa. Shahid is a Chartered Professional Accountant, a fellow of Chartered Certified Accountants, a certified Internal Auditor, a certified Cost and Management Accountant, a Certified Information Systems Auditor and holds a master's degree in economics.
Shahid's recent leadership roles include being the Chair of ACCA Canada, Chair of Calgary Parking Authority, Board Director of FFCA, Vice Chair of CCIS, Board of Governors of IIA Calgary, Audit Committee member of City of Calgary, Board Director of EASC, Board Chair of Calgary Chapter of CPA's, President of ISACA Calgary, and member Advisory Committee of Auditing & Assurance Standards Board.
Magnetic North is also pleased to announce a grant of stock options (the "Options") in accordance with the terms and conditions of the Company's Stock Option Plan to certain officers, directors, various consultants and employees of the Company, to purchase an aggregate of 975,000 common shares in the capital stock of the Company. The Options are exercisable for a period of five years from the date of grant at a price of $0.05 per share.
The Company has also granted an aggregate of 85,000 stock options, which are exercisable for a period of five years from the date of grant, into series A preferred shares of the Company (the "Preferred Shares") at an exercise price of $7.25 per Preferred Share.
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. The TSX Venture announced that Magnetic North is a "2021 TSX Venture 50" recipient. 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.
Certain statements in this news release are "forward-looking statements", which reflect current expectations of the management of Magnetic North regarding future events or Magnetic North's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Magnetic North believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Magnetic North assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Magnetic North and its securities can be found in the disclosure documents filed by Magnetic North with the securities regulatory authorities, available at www.sedar.com.
SOURCE Magnetic North Acquisition Corp.
Graeme Dick, Investor Relations, 403-451-0939, [email protected]; Stephen McCormick, VP, Capital Markets, 403-451-0939, [email protected]
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