Magnetic North Acquisition Corp. Announces Appointment of Board of Director

Calgary, Alberta and Toronto, Ontario--(Newsfile Corp. - December 16, 2019) - Magnetic North Acquisition Corp. (TSXV: MNC) ("Magnetic North" or the "Company") is pleased to announce an update to its news release dated October 22, 2019, that John Kowal has joined the Company's Board of Directors.

Mr. Kowal is a consultant for End Result Inc. and is engaged as an advisor to Canaccord Genuity Group Inc. since 2012. He is responsible for providing domestic and cross-border advisory and corporate finance services. In addition, he is/has been retained by a number of companies to provide both technical and capital markets advice. His background consists of over 30 years of experience in a variety of senior financial and treasury positions in several multinational companies during which Mr. Kowal has executed numerous debt and equity financings, completed several multibillion dollar M&A transactions and has taken several companies public, including the first primary listing by a Canadian company on the Hong Kong Stock Exchange. Mr. Kowal has served as Co-CEO at Sunshine Oilsands Ltd. and Vice President, Finance and Chief Financial Officer of Total E&P Canada Ltd. Mr. Kowal also served as Vice President, Finance and Chief Financial Officer of Deer Creek Energy Limited and Treasurer of Canadian Hunter Exploration Ltd. Additionally, Mr. Kowal's diversified experience includes positions at Noranda Inc., John Labatt Limited, Celestica Inc., and IBM Canada Limited. Mr. Kowal holds a Bachelor of Commerce degree and a Master of Business Administration from McMaster University. He is currently a member of the Independent Review Committee for Invico Capital Corporation.

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.

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.

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