Magnetic North Acquisition Corp. Announces a Non-Binding Indicative Offer of Finance with Infrastructure Comodities Limited

Calgary, Alberta and Toronto, Ontario--(Newsfile Corp. - January 15, 2020) - Magnetic North Acquisition Corp. (TSXV: MNC) ("Magnetic North" or the "Company") is pleased to announce that the Company has executed an Indicative Offer of Finance (the "Offer") with Infrastructure Commodities Limited ("ICML") to explore and mine, the Company's wholly owned White Rock property (the "Property") located in Yarmouth County, Nova Scotia. The Offer gives ICML the right to explore and mine the Property for quartz, kaolin and mica, and refine and produce quartz, kaolin and mica for sale therefrom (the "Mining Assets").

The Offer terms include, but are not limited to the following conditions:

1. An initial investment by ICML for US$1,000,0000 in the form of a convertible loan that shall convert into an equity interest of 20% of the Mining Assets located at White Rock. The use of proceeds for this initial investment will be utilized by ICML and their consultants, over a 12-month period to bring the Mining Assets to an operational state.

2. Follow-on investment of up to an additional US$4,000,000 will be provided by ICML upon completion of the initial investment period to implement commercialization plans for the Mining Assets. Upon completion of the initial investment phase, ICML will provide commercialization plans and associated budgets for the use of proceeds of the follow-on investment.

3. If the total funding of US$5,000,000 is provided in return to Magnetic North for development of the Mining Assets by ICML, ICML shall receive no less than 45% equity interest in the Mining Assets.

Both Magnetic North and ICML look forward to entering into a binding offer to finance in the near term and expect the initial investment phase to commence in the first quarter of 2020.

About Magnetic North Acquisition Corp.

Magnetic North invests and manages capital on behalf of its shareholders and believes that capital alone does not always lead to success when making investments in portfolio companies. With offices in Calgary and Toronto, our experienced management team applies its considerable capital markets and management expertise to ensure portfolio 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 security filings can also be accessed at www.sedar.com.

About Infrastructure Commodities LTD.

Infrastructure Commodities (Mauritius) Ltd is a Mauritius public company holding a category one Global Business License ('GBL1'). Established as an investment holding company acquiring a majority of Infrastructure Commodities Limited (ICL) and listing on the Official List of the Stock Exchange of Mauritius (SEM) the business manages assets unwinding over the next few years and is actively seeking to develop its portfolio of assets. Currently ICML manages holdings in 9 companies who either supply commodities or invest in companies that supply commodities that are used for infrastructure development. ICML's acquisition strategy is to target acquisitions of developers and distributors of natural resources used for Infrastructure globally while also using Mauritius as its regional headquarters for particular targeted expansion within the African continent and around resources required in the region.

For Further Information, Please Contact:

Graeme Dick
Investor Relations
403-561-8989
graeme@colwellcapital.com

The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents 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 information in this news release includes the business and operations of the Company after the completion of the Transaction.

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 after the closing of the Transaction, 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.

**Not for distribution to United States News Services or release publication, distribution or dissemination, directly or indirectly, in the United States**

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