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Maxim Power gets shareholder approval for C$75M convertible loan

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Maxim Power gets shareholder approval for C$75M convertible loan

Maxim Power Corp. said its shareholders approved a C$75 million revolving, secured convertible loan.

The one-year convertible loan with a 12% interest rate per annum will be provided by Alpine Capital Corp. and Prairie Merchant Corp., according to an Oct. 15 news release.

The approval terminates the company's construction loan with the lenders. Approximately C$6 million of borrowing from the construction loan have been assumed and outstanding under the new convertible loan.