CALGARY, Alberta, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Maxim Power Corp. ("MAXIM" or the "Corporation") 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 2,500,000 common shares of the Corporation (the "Shares"). As at August 19, 2022, MAXIM had 50,042,708 Shares issued and outstanding. As such, the NCIB represents approximately 5% of MAXIM's issued and outstanding Shares as at August 19, 2022. 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 4,367 Shares, which equates to 25% of MAXIM's average daily trading volume of 17,470 Shares for the six months ended July 31, 2022. The Corporation may make one block purchase per calendar week which exceeds the daily repurchase restrictions.
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