CALGARY, Alta., August 20, 2021 (GLOBE NEWSWIRE) – Maxim Power Corp. (“MAXIM“or the”company“) announced today that it has received approval from the Toronto Stock Exchange (“TSX“) to carry out a normal course buyback offer (“NCIB“). Pursuant to the public tender offer, the Company may purchase for cancellation up to 2,400,000 common shares of the Company (the”Actions“). As of August 20, 2021, MAXIM had 49,890,893 shares issued and outstanding. As such, the public tender offer represents approximately 5% of the issued and outstanding shares of MAXIM as of August 20, 2021. The actual number d ‘shares that may be purchased for cancellation under the public tender offer and the timing of such purchases will be determined by MAXIM, subject to a maximum daily purchase limit of 3,605 shares, which equals 25 % of MAXIM’s average daily trading volume of 14,422 shares for the six months ended July 31, 2021. The Company may make one block buy per calendar week that exceeds the daily redemption restrictions.
The NCIB Offer will begin on August 25, 2021 and may continue until August 24, 2022 or such earlier date that the NCIB Offer is completed or terminated at MAXIM’s option. The Shares will be purchased on behalf of the Company by a registered dealer through the facilities of the TSX and other Canadian trading platforms at the market price prevailing at the time of such transaction.
As part of the public buyback offer, MAXIM has entered into an automatic share purchase plan (the âPAES“) with its appointed broker to allow the purchase of Shares under the public tender offer at times when MAXIM would not normally be active in the market due to internal blackout periods. start of a particular internal blackout period, MAXIM may, but is not required to, request its designated broker to make NCIB share purchases during the blackout period which ensues, in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by MAXIM prior to the start of the applicable blackout period in accordance with the terms of the ASPP and applicable rules of the TSX Outside of these blackout periods, Shares may be purchased by MAXIM at its discretion under the NCIB.
Management of the Company believes that, from time to time, the price of the Shares may not fully reflect the underlying value of the Shares and that at that time, purchasing Shares would be in the best interests of the Company. shareholders. As a result of these purchases, the number of issued shares will be reduced and, therefore, the proportional participation of all remaining shareholders will be increased on a pro rata basis.
The public tender offer follows the expiration of MAXIM’s normal public tender offer, which was effective on June 1, 2020 and expired on May 31, 2021. As part of the public tender offer normal course repurchase of MAXIM, MAXIM completed the purchase of 260,293 shares at a weighted average price of $ 2.19. per share.
Based in Calgary, Alberta, MAXIM is one of the largest truly independent power producers in Canada. MAXIM is now fully focused on energy projects in Alberta. Its core asset – the 204 MW HR Milner (âM2â) plant in Grande Cache, Alta. – is a state-of-the-art natural gas-fired power plant that was commissioned in the second quarter of 2020. MAXIM is currently increasing the capacity of M2 to around 300 MW and will simultaneously achieve an improvement in plant efficiency by investing in combined cycle heat recovery technology. In addition, MAXIM continues to explore other development options in Alberta, including its currently licensed gas-fired power generation project and the authorization of its wind power generation project. MAXIM trades on the TSX under the symbol “MXG”. For more information about MAXIM, visit our website at www.maximpowercorp.com.
For more information, please contact: Bob Emmott, President and Chief Operating Officer, (403) 263-3021.
Statements in this press release that describe MAXIM’s intentions, expectations or predictions, or that relate to matters that are not historical facts, are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause MAXIM’s actual results, performance or achievements to differ materially from future results, performances or achievements expressed or implied by these forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changes in market and business conditions and will update such forward-looking statements in accordance with securities laws. applicable movable property.