M. Bruce Chernoff Updates Early Warning Reporting in Respect of Maxim Power Corp.

Oct 04, 2019

CALGARY, Alberta, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable Canadian securities laws, M. Bruce Chernoff announces that Alpine Capital Corp. ("Alpine"), a company that is majority owned by Mr. Chernoff, together with Prairie Merchant Corporation ("Prairie Merchant" and together with Alpine, the "Lenders"), as lenders, entered into an amending agreement to a loan agreement (as amended, the "Amended Loan Agreement") with Maxim Power Corp. ("Maxim"), and certain other subsidiaries of Maxim, pursuant to which Maxim may borrow up to $75 million from the Lenders (the "Convertible Loan"). Pursuant to the terms of the Amended Loan Agreement, amounts drawn under the Convertible Loan, including accrued but unpaid interest that has been capitalized, to a maximum of $75 million, is convertible, in whole or in part, into common shares of Maxim ("Common Shares") at a conversion price of $2.25 per Common Share (prior to the amendment, $1.90 per Common Share) at the election of each Lender, such right exercisable at any time during the term of the Convertible Loan or within 10 business days of receipt of any repayment notice from Maxim. The conversion right may be exercised by each Lender separately, and any non-electing Lender will be entitled to the repayment of any amounts outstanding under the Convertible Loan, based on its pro-rata commitment under the Convertible Loan (being 50% to Alpine and 50% to Prairie Merchant). Upon the conversion of $75 million of amounts owing under the Convertible Loan into Common Shares, the conversion right expires and will not apply to additional indebtedness under the Convertible Loan that may be drawn on a revolving basis or otherwise exceeds $75 million.

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