By Sheri Kasprzak
New York, Oct. 28 - Maxim Power Corp. said it plans to raise up to C$35 million in a non-brokered private placement.
The offering includes 55,555,555 shares at C$0.63 each. The price per share is equal to the 10-day volume weighted average price of Maxim's stock.
The shares will likely be sold to insiders, related parties and other accredited investors in Ontario, Alberta and British Columbia.
Proceeds from the offering will be used to repay bridge loan facilities. The rest will be used for working capital.
Based in Calgary, Alta., Maxim develops and operates power-production facilities.
| Issuer: | Maxim Power Corp.
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| Issue: | Stock
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| Amount: | C$35 million (maximum)
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| Shares: | 55,555,555 (maximum)
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| Price: | C$0.63
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| Warrants: | No
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| Placement agent: | Non-brokered
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| Pricing date: | Oct. 28
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| Stock price: | C$0.62 at close Oct. 28
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