Maxim Power Corp. Announces TSX Acceptance of Normal Course Issuer Bid

CALGARY, Alberta, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announced today that it has received approval from the Toronto Stock Exchange ("TSX") to proceed with a normal course issuer bid ("NCIB"). Under the NCIB, the Corporation may purchase for cancellation up to 2,526,477 common shares of the Corporation (the "Shares"). As at August 17, 2023, MAXIM had 50,529,540 Shares issued and outstanding. As such, the NCIB represents approximately 5% of MAXIM's issued and outstanding Shares as at August 17, 2023. The actual number of Shares that may be purchased for cancellation under the NCIB and the timing of any such purchases will be determined by MAXIM, subject to a maximum daily purchase limitation of 2,296 Shares, which equates to 25% of MAXIM's average daily trading volume of 9,186 Shares for the six months ended July 31, 2023. The Corporation may make one block purchase per calendar week which exceeds the daily repurchase restrictions.

The NCIB will commence on August 31, 2023 and may continue to August 30, 2024 or such earlier time as the NCIB is completed or terminated at the option of MAXIM. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.

In connection with the NCIB, MAXIM intends to enter into an automatic share purchase plan (the “ASPP”) effective August 31, 2023 with its designated broker to allow for the purchase of Shares under the NCIB at times when MAXIM normally would not be active in the market due to internal trading black-out periods. Before the commencement of any particular internal trading black-out period, MAXIM may, but is not required to, instruct its designated broker to make purchases of Shares under the NCIB during the ensuing black-out period 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 commencement of the applicable black-out period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these black-out periods, Shares will be purchasable by MAXIM at its discretion under the NCIB.