Maxim Energy Corp. pronounces a brand new member of the board of administrators, the reception of

CALGARY, Alta., Could 31, 2021 (GLOBE NEWSWIRE) – Maxim Energy Corp. (“MAXIM“or the”society“) (TSX: MXG) introduced immediately that the corporate has acquired the third and closing scheduled cost for the $ 18.6 million line loss continuing from the Alberta Electrical System Operator, in regards to the years 2006 to 2009. The corporate 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 acquired thus 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 Firm, efficient Could 27, 2021.

Mr. Mayder has over thirty years of expertise in finance, accounting and enterprise growth within the power business. He began his profession with the Metropolis of Calgary, which then built-in its electrical division at ENMAX Company, the place Mr. Mayder progressively held more and more senior positions together with that of Director of Finance, Treasurer and Vice President of the Enterprise Growth. Mr. Mayder joined MAXIM in 2007 as Chief Monetary Officer and retired from his position as President and Chief Monetary Officer on June 30, 2020.

Outcomes of the elections to the board of administrators

MAXIM held its 2021 annual basic assembly of shareholders on Could 27, 2021 (the “Assembly”). A vote was taken on the assembly with respect to the election of administrators till the following annual assembly of shareholders. Based mostly on the proxies acquired and the ballots forged, 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 this place is not going to develop into vacant earlier in accordance with the by-laws of the corporate:

Candidate # Voice
For
% of votes
For
# votes retained % of votes retained
Wiley D. Auch 22,906,050 99.33 154,150 0.67
Mr. Bruce Chernoff 21 020 301 91.15 2,039,899 8.85
Michael mayder 22 663 796 98.28 396,404 1.72
Johann polz 22,906,050 99.33 154,150 0.67
Brad’s wall 23,045,050 99.93 15 150 0.07
W. Brett Wilson 22 522 796 97.67 537,404 2.33

For the entire voting outcomes referring to the Assembly, please see MAXIM’s voting outcomes report which might be obtainable shortly below the Firm’s profile on SEDAR at www.sedar.com.

Replace on the 300 MW Milner 2 CCGT challenge

As beforehand reported, MAXIM has began the preliminary engineering of the warmth restoration expertise required to develop M2 right into a mixed cycle gasoline turbine (“CCGT“) Institution. Engineering has progressed to detailed design and the Firm continues to advance work on the CCGT challenge utilizing obtainable money. The CCGT challenge would enhance the whole producing capability from 204 MW to roughly 300 MW. and enhance operational effectivity, resulting in decrease O&M prices per MWh. The present estimated price of the CCGT challenge is $ 125 million. MAXIM continues to work on securing funding and anticipates closing choice on the complete continuation of the CCGT challenge by the tip of the third quarter.

About MAXIM

Based mostly in Calgary, Alberta, MAXIM is among the largest actually impartial energy producers in Canada. MAXIM is now absolutely targeted on power initiatives in Alberta. Its core asset – the 204 MW HR Milner (“M2”) plant in Grande Cache, Alta. – is a state-of-the-art pure gas-fired energy plant that was commissioned within the second quarter of 2020. MAXIM has the potential to extend the capability of M2 to round 300 MW and concurrently obtain improved plant effectivity by investing in mixed cycle warmth restoration expertise. As well as, MAXIM continues to discover different growth choices in Alberta, together with its at the moment licensed gas-fired energy era challenge and the authorization of its wind energy era challenge. MAXIM trades on the TSX below the image “MXG”. For extra data on MAXIM, go to our web site at www.maximpowercorp.com.

For extra data, please contact:

Bob Emmott, President and Chief Working Officer, (403) 263-3021.

This press launch accommodates forward-looking statements and forward-looking data (collectively “forward-looking data”) throughout the which means of relevant securities legal guidelines referring to MAXIM’s plans and different facets of MAXIM’s deliberate future operations, steering course, aims, methods, working and manufacturing outcomes. Ahead-looking data sometimes makes use of phrases corresponding to “anticipate”, “consider”, “plan”, “count on”, “goal”, “plan”, “intend”, “might”, “would”, “might” 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 and are expressly certified by this cautionary assertion. Particularly, this press launch accommodates forward-looking statements concerning: present estimates of growth prices to finish the CCGT challenge and anticipated completion dates.

Ahead-looking statements concerning MAXIM are based mostly on sure key expectations and assumptions of MAXIM concerning, amongst different issues, building occasions and prices, regulatory selections, MAXIM’s means to reliably generate electrical energy from its initiatives. inside the timeframe and on the phrases at the moment contemplated, future commodity and energy costs and costs, the value of MAXIM’s frequent shares, regulatory developments, tax legal guidelines, future working prices, efficiency current and new services, sufficiency and timing of budgeted capital expenditures in finishing up deliberate actions, availability and value of labor and providers, impression of accelerating competitors, financial and monetary market circumstances typically, the consequences of regulation by authorities companies, the flexibility to acquire financing at cond Acceptable itions that are topic to vary based mostly on commodity costs, market circumstances and potential time delays.

These forward-looking statements are topic to quite a few dangers and uncertainties, a few of that are past the management of MAXIM. These dangers and uncertainties embody, however are usually not restricted to: building delays, price overruns, opposed regulatory selections, impression of basic financial circumstances; pandemics, risky market costs for electrical energy and different commodities corresponding to pure gasoline; business circumstances; foreign money fluctuations; environmental dangers; misguided assessments of the worth of acquisitions; competitors from different producers; lack of availability of certified personnel, adjustments in tax legal guidelines, environmental legal guidelines or change packages affecting the electrical energy business in Alberta; dangers corresponding to hearth, explosion and the flexibility to entry adequate capital from inside and exterior sources.

Administration has included the above forward-looking statements and a abstract of the assumptions and dangers related to the forward-looking statements offered on this press launch with a view to present readers with a extra full perspective on MAXIM’s future plans and operations and such data might not not be acceptable. for different functions.

MAXIM’s precise outcomes, efficiency or achievements might differ materially from these expressed or implied by these forward-looking statements and, due to this fact, no assurance will be provided that any of the occasions anticipated by the forward-looking statements will or will happen. , or if considered one of them does, what advantages will MAXIM derive from it. Readers are cautioned that the above 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 intention or obligation to publicly replace any forward-looking statements, whether or not on account of new data, future occasions or outcomes or in any other case, in any other case. as required. by relevant securities legal guidelines.

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