Magnetic North Acquisition Corp. announce that it has entered into a commitment letter (the "Credit Agreement") with a Canadian Financial Institution (the "Lender"). Under the Credit Agreement, the Lender has made available to the Company a non- revolving demand facility in the principal amount of USD 10,000,000.

The facility bears interest at U.S. prime plus 1.5% per annum and will be used by the Company for investment purposes. The Company also received a non-interest bearing loan in the principal amount of $250,000 from an arm's length shareholder of the Company to be used by the Company for general corporate purposes.