Calgary, Alberta-based Maxim Power Corp. has concluded its amalgamation with EarthFirst Canada Inc. through a plan of arrangement under the Business Corporations Act.
Closing of the arrangement had been subject to certain conditions, including completion of the previously announced sale by EarthFirst of its Dokie I project, a vote by Maxim shareholders in favor of the arrangement, and approval of the arrangement by the Court of Queen's Bench of Alberta pursuant to EarthFirst's ongoing companies' creditors arrangement act proceedings. All such conditions have been satisfied, and Maxim has invested C$5.9 million, plus closing costs to consummate the arrangement.
The amalgamation with EarthFirst provides Maxim with a strategic Alberta power project development opportunity. The Buffalo Atlee Power Project, located near Brooks, Alberta, has the potential for over 200 MW of wind generation capacity. Wind data has been collected on the site for four years, and Buffalo Atlee holds an exploratory Crown land permit with a term of four years, expiring on Jan. 1, 2011.Â
Maxim intends to invest further in the development of this site and explore other wind generation opportunities.
SOURCE: Maxim Power Corp.
