Maxim Power Announces the Re-Filing of 2021 Second Quarter Financial Information

Source: www.gulfoilandgas.com 9/20/2021, Location: North America

Maxim Power Corp. announced the re-filing of the June 30, 2021 unaudited condensed consolidated interim financial statements and Management’s Discussion and Analysis (“MD&A”). The re-filed financial statements and MD&A replace and supersede the previously filed original financial statements and MD&A filed on August 11, 2021 and will be available on SEDAR and on MAXIM's website on September 20, 2021. All figures reported herein are Canadian dollars unless otherwise stated.

M2 CCGT PROJECT UPDATE
MAXIM is pleased to report that the Milner 2 (“M2”) combined cycle gas turbine (“CCGT”) expansion is progressing on schedule and on budget. Recent milestones include completion of pilings and a successful foundation pour for the heat recovery boiler. At this time, the Corporation continues to forecast an estimated project cost of $125 million before financing costs and anticipates the M2 CCGT expansion will commence commercial operation in December 2022.

DEERLAND DEVELOPMENT PROJECT
During the second quarter of 2021, MAXIM was denied an extension of the 190 MW Deerland permit by the Alberta Utilities Commission (“AUC”). Subsequent to June 30, 2021, MAXIM appealed this decision by the AUC and the AUC denied the appeal. As a result, MAXIM has chosen to terminate the project and will write off the full value of the assets under construction totaling $5 million which will be recognized in the third quarter of 2021.


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