Maxim Power Corp. Announces New Board Member, Receipt of the Line Loss Payment, AGM Election Results and Project Update

CALGARY, Alberta, Could 31, 2021 (GLOBE NEWSWIRE) — Maxim Energy Corp. (“MAXIM” or the “Company“) (TSX: MXG) introduced at present that the Company has obtained the third and closing scheduled Line Loss Continuing cost within the sum of $18.6 million from the Alberta Electrical System Operator, referring to the years 2006 to 2009. The Company beforehand introduced the receipt of $34.3 million for the primary and second Line Loss funds, referring to the historic years 2010 to 2016, for a complete of $52.9 million of funds obtained so far.

Appointment of Mr. Michael Mayder to the Board of Administrators

MAXIM is happy to announce the appointment of Mr. Michael Mayder to the Board of Administrators of the Company, efficient Could 27, 2021.

Mr. Mayder has over thirty years of finance, accounting and enterprise growth expertise within the energy business. He started his profession with the Metropolis of Calgary, which then included its electrical division into ENMAX Company, the place Mr. Mayder led progressively extra senior roles together with Director of Finance, Treasurer and Vice President of Enterprise Growth. Mr. Mayder joined MAXIM in 2007 as Chief Monetary Officer and retired from his position of President and Chief Monetary Officer on June 30, 2020.

Board of Administrators Election Outcomes

MAXIM held its 2021 annual normal assembly of shareholders on Could 27, 2021 (the “Assembly”). A poll was performed on the Assembly with respect to the election of the administrators to carry workplace till the following annual assembly of shareholders. In line with the proxies obtained and ballots solid, the next administrators had been elected on the Assembly to carry workplace till the following annual assembly of shareholders or till their successors are elected or appointed, except such workplace is earlier vacated in accordance with the by-laws of the Company:

For full voting outcomes with respect to the Assembly, please see MAXIM’s Report of Voting Outcomes which will probably be obtainable shortly underneath the Company’s profile on SEDAR at www.sedar.com.

Replace on 300 MW Milner 2 CCGT Venture

As beforehand reported, MAXIM commenced preliminary engineering of the warmth restoration expertise required to increase M2 right into a mixed cycle fuel turbine (“CCGT”) facility. Engineering has progressed to detailed design and the Company continues to advance work on the CCGT venture utilizing money readily available. The CCGT venture would improve complete technology capability from 204 MW to roughly 300 MW and enhance operational effectivity leading to decrease working and upkeep prices per MWh. The present estimated price of the CCGT venture is $125 million. MAXIM continues to work on securing financing and anticipates a closing choice on totally continuing with the CCGT venture by the top of the third quarter.

About MAXIM

Based mostly in Calgary, Alberta, MAXIM is considered one of Canada’s largest actually impartial energy producers. MAXIM is now focussed completely on energy initiatives in Alberta. Its core asset – the 204 MW H.R. Milner Plant (“M2”), in Grande Cache, AB – is a state-of-the-art pure gas-fired energy plant that commissioned in Q2, 2020. MAXIM has the choice to extend the capability of M2 to roughly 300 MW and concurrently understand an enchancment within the effectivity of the plant by investing in warmth restoration mixed cycle expertise. As well as, MAXIM continues to discover extra growth choices in Alberta together with its presently permitted gas-fired technology venture and the allowing of its wind energy technology venture. MAXIM trades on the TSX underneath the image “MXG”. For extra details about MAXIM, go to our web site at www.maximpowercorp.com.

For additional data please contact:

Bob Emmott, President and COO, (403) 263-3021.

This press launch incorporates forward-looking statements and forward-looking data (collectively “ahead trying data”) throughout the that means of relevant securities legal guidelines referring to MAXIM’s plans and different features of MAXIM’s anticipated future operations, administration focus, goals, methods, monetary, working and manufacturing outcomes. Ahead-looking data usually makes use of phrases reminiscent of “anticipate”, “imagine”, “venture”, “anticipate”, “aim”, “plan”, “intend”, “could”, “would”, “may” or “will” or comparable phrases suggesting future outcomes, occasions or efficiency. The forward-looking statements contained on this press launch converse solely as of the date thereof and are expressly certified by this cautionary assertion. Particularly, this press launch incorporates forward-looking statements referring to: the present growth price estimates to finish the CCGT venture and anticipated completion dates.

Ahead-looking statements relating to MAXIM are based mostly on sure key expectations and assumptions of MAXIM regarding, amongst different issues, building timelines and prices, regulatory selections, the power of MAXIM to reliably generate electrical energy from its initiatives within the timelines and manners presently contemplated, present and future commodity and electrical energy costs, the worth of MAXIM’s widespread shares, regulatory developments, tax legal guidelines, future working prices, the efficiency of present and new services, the sufficiency and timing of budgeted capital expenditures in finishing up deliberate actions, the supply and value of labor and companies, the impression of accelerating competitors, situations basically financial and monetary markets, , results of regulation by governmental businesses, the power to acquire financing on acceptable phrases that are topic to alter based mostly on commodity costs, market situations, and potential timing delays.

These forward-looking statements are topic to quite a few dangers and uncertainties, sure of that are past MAXIM’s management. Such dangers and uncertainties embrace, with out limitation: building delays, price overruns, antagonistic regulatory selections, the impression of normal financial situations; pandemics, volatility in market costs electrical energy and different commodities reminiscent of pure fuel; business situations; foreign money fluctuations; environmental dangers; incorrect assessments of the worth of acquisitions; competitors from different producers; the dearth of availability of certified personnel, adjustments in earnings tax legal guidelines, environmental legal guidelines or adjustments applications referring to the electrical energy business in Alberta; hazards reminiscent of hearth, explosion, and skill to entry ample capital from inside and exterior sources.

Administration has included the forward-looking statements above and a abstract of assumptions and dangers associated to forward-looking statements supplied on this press launch as a way to present readers with a extra full perspective on MAXIM’s future plans and operations and such data is probably not acceptable for different functions.

MAXIM’s precise outcomes, efficiency or achievement may differ materially from these expressed in, or implied by, these forward-looking statements and, accordingly, no assurance could be provided that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them achieve this, what advantages that MAXIM will derive there from. Readers are cautioned that the foregoing lists of things are usually not exhaustive. These forward-looking statements are made as of the date of this press launch and MAXIM disclaims any intent or obligation to replace publicly any forward-looking statements, whether or not because of new data, future occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.