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Maxim Power Corp. Enters into Loan Agreements to Finance its M2 Development Project

Tags: finance fund
DATE POSTED:September 10, 2019

CALGARY, Alberta, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announced today that it, and certain of its subsidiaries, entered into two credit agreements that collectively provide for $75 million to fully fund the construction and development of MAXIM's 204 MW power plant located near Grande Cache, Alberta ("M2"). The first loan is a $22 million, one-year, 12% per annum, revolving, secured loan (the "Construction Loan") and the second loan is a $75 million, one-year, 12% per annum, revolving, secured convertible loan (the "Convertible Loan" and together with the Construction Loan, the "Loans"). The term of the Loans may be extended by six months subject to certain conditions. The Convertible Loan is subject to shareholder approval as described below and, if so approved, will be initially drawn to repay the Construction Loan, which will mature and become repayable on the date the Convertible Loan is available to, and first drawn by, MAXIM.

Tags: finance fund