By Devika Patel
Knoxville, Tenn., June 19 - Maxim Power Corp. said it will raise C$65 million in a private placement of stock.
The company will sell 10 million common shares at C$6.50 apiece.
The deal will be conducted by a syndicate of underwriters led by Cormark Securities Inc. and including BMO Capital Markets and First Energy Capital Corp. The underwriters have a greenshoe for an additional 1 million shares, or C$6.5 million.
Settlement is expected July 10.
Proceeds 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.
Based in Calgary, Alta., Maxim develops and operates power-production facilities.
| Issuer: | Maxim Power Corp.
|
| Issue: | Common stock
|
| Amount: | C$65 million
|
| Greenshoe: | 1 million shares, or C$6.5 million
|
| Shares: | 10 million
|
| Price: | C$6.50
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. (lead), BMO Capital Markets, First Energy Capital Corp.
|
| Pricing date: | June 19
|
| Settlement date: | July 10
|
| Stock symbol: | Toronto: MXG
|
| Stock price: | C$7.05 at close June 18
|
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