Maxim Power Corp.
TSX : MXG

Maxim Power Corp.

November 14, 2005 19:29 ET

MAXIM Power Corp. Closes $35 million Private Placement and Purchase of Pawtucket 67 MW Power Plant

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - Maxim Power Corp. (TSX:MXG):

$35 Million Private Placement

Maxim Power Corp. ("MAXIM") is pleased to announce that it has completed a non-brokered private placement of Common Shares. A total of $35,070,930 was raised through the issue of 55,668,143 shares which were sold at $0.63 per share, the 10 day weighted average trading price, to insiders, certain related parties and other investors. The securities issued under the offering are subject to a four-month hold period under applicable securities legislation.

Acquisition of 67 MW Power Plant in Rhode Island, USA

Maxim Power Corp. ("MAXIM") also wishes to announce that the purchase of the 67 Megawatt ("MW") natural gas fired combined cycle cogeneration plant located in Pawtucket, Rhode Island, USA was closed on November 10, 2005. The total capital investment, including closing costs, working capital adjustments and near term major maintenance on the turbine, is approximately US$3.25 million. Further to this acquisition, MAXIM is considering proposals for short to medium term Power Purchase Agreements for output from this plant with several parties in the New England Power pool ("NEPOOL") market. MAXIM is also continuing to evaluate further additions of similar sized plants in the NEPOOL market.

About MAXIM Power Corp.

Based in Calgary, Alberta, MAXIM is an Independent Power Producer, which acquires or develops, owns and operates innovative and environmentally responsible power projects. MAXIM currently owns and operates 25 power plants in Western Canada, United States, Continental Europe and Cambodia, having 334 MW of electric and 45 MW of thermal net generating capacity with another 52 MW under construction. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which 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 the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the press release.

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President and CEO
    (403) 750-9300
    or
    Maxim Power Corp.
    Victor S. Dusik
    Vice President, Finance and CFO
    (403) 750-9319