- Maxim Power (MXG) has received Toronto Stock Exchange approval to proceed with a normal course issuer bid
- MAXIM may purchase up to 2,400,000 common shares for cancellation
- The NCIB is subject to a maximum daily purchase limitation of 3,605 shares
- The NCIB may continue to August 24, 2022
- Under the corporation’s previous NCIB, MAXIM purchased 260,293 shares at a weighted average price of $2.19 per share
- MAXIM is one of Canada’s largest independent power producers
- Maxim Power Corp. (MXG) opened trading at C$2.90 per share
Maxim Power (MXG) has received Toronto Stock Exchange approval to proceed with a normal course issuer bid.
Under the NCIB, the corporation may purchase for cancellation up to 2,400,000 common shares, which represents approximately 5 per cent of its issued and outstanding shares as of August 20, 2021. The actual number of shares that may be purchased for cancellation under the NCIB is subject to a maximum daily purchase limitation of 3,605 shares, which equates to 25 per cent of MAXIM’s average daily trading volume of 14,422 shares for the six months ended July 31, 2021. MAXIM may make one block purchase per calendar week which exceeds the daily repurchase restrictions.
The NCIB will commence on August 25, 2021, and may continue to August 24, 2022, or earlier at MAXIM’s option.
This NCIB follows the expiration of MAXIM’s previous normal course issuer bid which expired on May 31, 2021. Under the corporation’s previous NCIB, Maxim purchased 260,293 shares at a weighted average price of $2.19 per share.
MAXIM is one of Canada’s largest independent power producers. MAXIM is now focused entirely on power projects in Alberta. Its core asset – the 204 MW H.R. Milner Plant (“M2”), in Grande Cache, AB – is a state-of-the-art natural gas-fired power plant that was commissioned in Q2, 2020. MAXIM continues to explore additional development options in Alberta including its currently permitted gas-fired generation project and the permitting of its wind power generation project.
Maxim Power Corp. (MXG) opened trading at C$2.90 per share.