Maxim Power Corp.
TSX : MXG

Maxim Power Corp.

July 10, 2008 12:54 ET

Maxim Power Corp. Closes Previously Announced Financing

CALGARY, ALBERTA--(Marketwire - July 10, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Maxim Power Corp. (TSX:MXG) announced today that it has closed its previously announced private placement common share offering. 10,211,500 common shares were purchased at a price of $6.50 each for gross proceeds of $66,374,750 including the exercised portion of the underwriters' option.

The net proceeds from the offering will be used to finance the acquisition of the 170 megawatt Pittsfield Generating Station, development costs related to the 190 megawatt Deerland Peaking Station, and for general corporate purposes.

About Maxim Power Corp. ("MXG")

Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power plants. MAXIM now owns and operates 33 power plants in Western Canada, United States and France, having 584 MW of electric and 132 MW of thermal generating capacity. Upon closing the acquisition of the Pittsfield Power Plant, MAXIM will own 34 power plants having 754 MW of electric and 132 MW of thermal generating capacity. MAXIM will continue to execute on its strategy as an independent power producer and is targeting significant growth through acquisitions and development of power projects which utilize hydrocarbon based fuels and renewables in the markets of Western Canada, United States and France. 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 and will update such forward looking statements as required pursuant to applicable securities laws.

The common shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

Contact Information

  • Maxim Power Corp.
    John R. Bobenic
    President & CEO
    (403) 750-9300
    or
    Maxim Power Corp.
    Mike Mayder
    VP Finance & CFO
    (403) 750-9311
    Website: www.maximpowercorp.com