Magnetic North Acquisition Corp. announces that it has closed its acquisition of Intergild Advanced Recycling Technologies Corp. 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. 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, fiber 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 present 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.