(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">CALGARY, Alberta, April 04, 2019 (GLOBE NEWSWIRE) -- Maxim Power Corp. ("MAXIM" or the "Corporation") announced today that it has received approval from the Toronto Stock Exchange ("TSX") to invoke automatic purchases of its common shares ("Shares") under its current normal course issuer bid ("NCIB") during the Corporation's internal blackout period for its upcoming financial quarter. Such purchases will be at the discretion of the designated broker based on parameters established by the Corporation prior to the blackout period or any period when it is in possession of material undisclosed information. Outside of this period, Shares will be purchased in accordance with management's discretion, subject to applicable law.
MAXIM's NCIB commended on May 11, 2018 and may continue to May 10, 2019 or such earlier time as the NCIB is completed or terminated at the option of MAXIM. As reported on May 8, 2018 MAXIM may purchase for cancellation up to 3,100,000 Shares. The actual number of Shares and timing of any such purchases will, except for the period in which the automatic plan is effective, be determined by MAXIM, subject to a daily purchase limitation of 3,452 common shares. The Corporation may make one block purchase per calendar week which exceeds the daily repurchase restrictions. As of April 4, 2019, MAXIM had purchased and cancelled 2,145,516 shares pursuant to its NCIB.
Based in Calgary, Alberta, Maxim Power Corp ("MAXIM") is an independent power producer which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates one power plant in Alberta, having 150 MW of electric generating capacity, and anticipates commercial operation of an aggregate 208 MW by the end of 2019. In addition, MAXIM has approvals to construct and operate projects comprising an additional 588 MW of generating capacity. MAXIM trades on the TSX under the symbol 'MXG'. For more information about MAXIM, visit our website at www.maximpowercorp.com .
For further information please contact:
Michael R. Mayder, President and CFO, (403) 750-9311.