The Magnum Mk5 has been revealed in full, and has gone on sale for $139,000, or around £86,631.
It's powered by a rear-mounted tuned four-cylinder motorbike engine from a Suzuki Hayabusa developing 247bhp up to a redline of 11,000rpm. The Mk5 uses a six-speed sequential gearbox to propel itself to 60mph in 3.2 seconds and on to a top speed of 150mph.
The rear-wheel drive model is constructed with carbon fibre composite bodywork and has a dry weight of 545kg. Magnum says the Mk5 develops 460bhp per tonne. It has a 35 litre fuel tank and sits on 18-inch lightweight alloy wheels. Braking forces is supplied by four-piston calipers and ventilated discs with aluminium hubs front and rear.
The Mk5 measures 3914mm long, by 1884mm wide, with a height of 1069mm.
Its makers say the Mk5 is fully street-legal, and features enough storage space to store two race helmets and a briefcase.
The Mk5 has styling which Magnum says uses the dame functional aerodynamics found on F1 and Le Mans Prototype racers. The interior is as stripped out as you'd expect, but still includes a reversing camera. Driver and passenger are secured in carbon fibre seats with six-point racing harnesses.
Standard equipment includes a removable racing steering wheel, data logger system, and adjustable brakes and dampers. The company says it will sell a number of street and track packages as options for owners to personalize their cars.
The car is available to order from today and will be produced in an initial production run of 20 units at Magnum's facilties in Quebec, Canada. The first deliveries are expected in late 2014. The company says it already has several firm orders, and anticipates the car to sell out fast.
Among the competition the Magnum Mk5 will face is the Vuhl 05, which will go into production at the beginning of next month. That car will also be produced in an initial run of 20 units at a price of £69,900 each. The Vuhl is track-focused, and is powered by a 2.0-litre Ford EcoBosot engine producing 285bhp. The car is claimed to be able to reach 62mph in 3.7 seconds.
Magnum is today headed by racing driver Bruno St Jacques, who told Autocar: "We wanted to offer a platform which would give the closest feeling possible to a race car. We wanted to share our racing heritage and our experience and feeling of driving a racecar.
"Whereas a modern racecar requires a full crew and equipment, this car is very easy to use. We wanted as well to offer the looks and styling of a supercar, something that will look as good on the street".
The company sets its mission statement as being "to take the lead in the lightweight supercar category using the latest technologies, techniques and materials together with bold styling and a forward-thinking mindset to pioneer a refined and innovative driving platform".
The company has its roots in motorsport, having been founded in 1968 to build open-wheel formula racers. Several high-profile drivers, including Gilles Villeneuve, have driven Magnum-built cars in the past.