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Northland Power chairman buys C$3.4M worth of common stock

A trust controlled by Northland Power Inc. Chairman James Temerty acquired approximately C$3.4 million worth of the company's common shares in open market purchases on the Toronto Stock Exchange.

The trust purchased 150,000 shares at C$22.8 apiece, representing a change of approximately 0.09% in the shares of Northland over which Temerty exercises control, according to a March 23 release.

Temerty now owns more than 56,981,799 common shares and 1 million class A shares, representing approximately 33.12% of the outstanding shares of the company. Prior to the transaction, he controlled approximately 33.03% of the outstanding shares.

Temerty and other shareholders may participate in the company's dividend reinvestment plan and, as a result, buy more shares. The company said the acquisition is meant for investment purposes and the acquired shares may be donated to the Temerty Foundation.